Spotify Cuts 17% Jobs Amid Rising Capital Costs

Spotify is eliminating about 1,500 jobs, or about 17% of its workforce, in its third round of layoffs this year as the music streaming giant looks to become 'both productive and efficient.' From a report: In a note to employees Monday, Spotify founder and chief executive Daniel Ek said right-sizing the workforce is crucial for the company to face the 'challenges ahead.' He cited the slow economic growth and rising capital costs among reasons for the job cuts, saying the firm took advantage of lower-cost capital in 2020 and 2021 to invest significantly in the business. 'I recognize this will impact a number of individuals who have made valuable contributions. To be blunt, many smart, talented and hard-working people will be departing us,' he wrote in the note, which the company later published on the blog.

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