Spotify announces employee layoffs amid organizational restructuring

What you need to know

  • Spotify CEO Daniel Ek has announced that the company is laying off a number of employees.
  • Spotify is cutting its employee base by about 6%, which amounts to roughly 600 people.
  • Ek explains that Spotify needs to become more efficient as he details organizational restructuring.

Companies have been announcing major layoffs left and right as a sign that economic struggles aren’t improving. The latest to cut its workforce is Spotify, which announced this week that it is reducing its employee base by roughly 6%.

Spotify CEO, Daniel Ek, writes in a memo on the company’s website that Spotify needs to become more efficient as its current pacing has proven unsustainable in the current economic climate. Ek says he takes “full accountability for the moves that got us here today,” stating he was “too ambitious in investing ahead of our revenue growth.”

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