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Spotify to cut 17% of staff in cost-cutting measure | DW

Spotify to cut 17% of staff in cost-cutting measure | DW

Spotify, the digital music giant, has recently announced plans to lay off approximately 1,500 employees, constituting around 17% of its workforce, as part of a cost-cutting initiative to align with future goals. This decision, made by Spotify’s co-founder and CEO Daniel Ek, follows a rare €32 million ($34.7 million) profit in the third quarter, attributed partially to recent price hikes. Despite occasional profitable quarters, Spotify has yet to achieve a full-year net profit.

This move marks the third round of layoffs in 2023 for Spotify, which had around 9,800 employees at the end of 2022. The company had previously laid off 600 employees in January and an additional 200 in June. The broader tech industry has also witnessed job cuts from major players like Google, Amazon, and Meta over the last 18 months, fueled by concerns about a potential recession, rising interest rates, and investor expectations. Interestingly, the COVID-19 pandemic initially led to significant growth for digital service providers, prompting hiring surges.

In response to the post-pandemic challenges, Spotify is diversifying its services, offering 200,000 audiobooks to its premium subscribers in November. CEO Daniel Ek emphasizes the need for Spotify to be “relentlessly resourceful” in its operations, innovation, and problem-solving, suggesting that being lean is not merely an option but a necessity for the company’s future………full-loaf-600x400-1-e1700879832480 Spotify to cut 17% of staff in cost-cutting measure | DW[read more]

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Rising-Dough-e1700879911412 Spotify to cut 17% of staff in cost-cutting measure | DWConsidering the evolving landscape of the tech and digital service industry, what strategic approaches do you think companies like Spotify should prioritize to maintain financial sustainability and growth in the face of economic uncertainties and shifting consumer behaviors?

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1876e1cac23718a886b91bebb7a690e1?s=56&d=mm&r=g Spotify to cut 17% of staff in cost-cutting measure | DW

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360d9564dc4a912bc5b7d18acdca59bc?s=64&d=mm&r=g Spotify to cut 17% of staff in cost-cutting measure | DW
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luis
2 months ago

i feel as if too stay stable you have too have a balance of pay checks and workers too say in a sense cuts will be needed too keep things afloat if therevenue is outdoing the paychecks.

2308a5c45dbded1931a9cb8cbe06575b?s=64&d=mm&r=g Spotify to cut 17% of staff in cost-cutting measure | DW
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Corinne
2 months ago

To maintain financial stability they should balance how much money the workers get and how much they are gaining. They could lower the price of premium and include less perks and add another tier to add more money

0519ee9af5c5ea49523f8800fce58e36?s=64&d=mm&r=g Spotify to cut 17% of staff in cost-cutting measure | DW
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Hana
2 months ago

At this stage in their finances they could consider lowering premium subscription prices instead of increasing them. Though it may not seem profitable in the short term, they will gain customer loyalty and have a stable income from them. Until then they may have to adapt to this sudden shift in availability of employees.

f386027a400d75373ee1817b47d34ef8?s=64&d=mm&r=g Spotify to cut 17% of staff in cost-cutting measure | DW
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Daniel Cortes-Hernandez
2 months ago

they should lower the price of spotify premium so that it can attract more customers and they can pay their employees.

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stonestreetcoffee.com ☕️ **Discover Stone Street Coffee Company - Your Coffee Haven!** Today's Dough readers, if you're on the hunt for exceptional coffee and cold brew, look no further than Stone Street Coffee Company. We at Today's Dough are smitten with their rich coffee blends and refreshing Cold Brew. Stone Street's commitment to quality shines through in every sip. Now, exclusively for our readers, click the banner above to snag a $5 off coupon on your next order. Experience the finest, ethically sourced beans roasted to perfection. Join the Stone Street community, savor top-notch coffee, and elevate your daily brew. ☕️🌟

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4 Comments
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luis
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luis
2 months ago

i feel as if too stay stable you have too have a balance of pay checks and workers too say in a sense cuts will be needed too keep things afloat if therevenue is outdoing the paychecks.

Corinne
Guest
Corinne
2 months ago

To maintain financial stability they should balance how much money the workers get and how much they are gaining. They could lower the price of premium and include less perks and add another tier to add more money

Hana
Guest
Hana
2 months ago

At this stage in their finances they could consider lowering premium subscription prices instead of increasing them. Though it may not seem profitable in the short term, they will gain customer loyalty and have a stable income from them. Until then they may have to adapt to this sudden shift in availability of employees.

Daniel Cortes-Hernandez
Guest
Daniel Cortes-Hernandez
2 months ago

they should lower the price of spotify premium so that it can attract more customers and they can pay their employees.

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