Swedish music-streaming giant Spotify has announced that it is cutting seventeen percent of its workforce, amounting to about one thousand and five hundred jobs, as the company seeks to clamp down on costs.
Chief executive Daniel Ek said he had made the “difficult” decision with economic growth slowing “dramatically”.
Spotify employs about nine thousand people, and Ek said “substantial action to rightsize costs” was needed for the company to meet its objectives, adding that he understood the cuts would be “incredibly painful for the team”.
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