{"id":2115227,"date":"2023-12-04T12:32:02","date_gmt":"2023-12-04T17:32:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/spotify-to-cut-17-of-its-workforce-in-3rd-layoff-this-year\/"},"modified":"2023-12-04T12:51:11","modified_gmt":"2023-12-04T17:51:11","slug":"spotify-to-cut-17-of-its-workforce-in-3rd-layoff-this-year","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/spotify-to-cut-17-of-its-workforce-in-3rd-layoff-this-year\/","title":{"rendered":"Spotify to slash 17% of workforce in third layoff of 2021"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fspotify-to-cut-17-of-its-workforce-in-3rd-layoff-this-year%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2115227&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p>CEO\u2063 Daniel Ek announced on Monday that the company will lay off almost \u200c1,500 employees, or \u206317% of its \u2064workforce to reduce costs, \u200bcalling it a \u201csignificant\u201d strategy shift for Spotify.<\/p>\n<p>The announcement comes\u200d after the music \u2062streaming \u200dtitan let go of 600 workers in January and 200 in June of \u200bthis year.<\/p>\n<blockquote class=\"wp-block-quote\"><p>Ek said in a letter to employees\u2063 that\u2064 the company \u201cput significant emphasis\u201d on\u200d the growth of the company in 2021 and\u2064 2022, as the \u200beconomy allowed\u200b it \u200dto do so, but \u201cwe now find ourselves in a very different environment.\u201d<\/p><\/blockquote>\n<blockquote class=\"wp-block-quote\"><p>\u201cWhile we\u2019ve made worthy \u2063strides, as\u2064 I<a title=\"Rapinoe Gets Emotional After Olympic Loss: \u2018Bitter One To Swallow,\u2019 \u2018Don\u2019t Think I\u2019ve Ever Lost To Canada\u2019\" href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rapinoe-gets-emotional-after-olympic-loss-bitter-one-to-swallow-dont-think-ive-ever-lost-to-canada\/\">\u2019ve shared<\/a> many times, we still \u2064have\u200b work to do. Economic growth has slowed dramatically and capital has become\u2062 more expensive. Spotify is not an exception to \u2062these realities,\u201d Ek \u200bsaid. \u201cThis brings me\u200d to a \u2064decision that \u2062will mean a significant step change for our\u200b company. To align Spotify with our \u2063future goals and ensure\u2063 we are right-sized for the challenges ahead, I have made the\u200d difficult decision to reduce\u2063 our total headcount by\u200d approximately 17%\u2062 across the company.\u201d<\/p><\/blockquote>\n<blockquote class=\"wp-block-quote\"><p>Additionally,\u200d Ek said, \u201cI realize that for \u2063many, \u200ba reduction of this size will feel surprisingly large given the recent positive earnings\u2062 report and\u2062 our performance. We debated making smaller reductions\u200b throughout\u2063 2024 and 2025. Yet, considering\u2063 the \u2062gap between\u200d our\u2063 financial \u200dgoal state and our\u2064 current \u2064operational costs, I decided that a\u2062 substantial action to rightsize \u200cour costs was the best option to accomplish our objectives. While \u200dI am convinced this \u200dis the right\u200b action\u200d for our company, \u200dI also understand \u200dit will be incredibly painful for our team.\u201d<\/p><\/blockquote>\n<p>However, Spotify added six million\u2064 subscribers in the June-to-September\u2064 period, which was \u200cover two million more than the company predicted, garnering a profit of $34.8 million in \u2063that time.\u200d That was\u200d up from a loss of $248 million in the same period last year, and\u2063 has 226 million subscribers in total.<\/p>\n<blockquote class=\"wp-block-quote\"><p>\u201cWe still have a ways\u200d to go before we are both productive\u200d and\u2064 efficient\u2026 we have to become \u2062relentlessly resourceful,\u201d Ek said.<\/p><\/blockquote>\n<blockquote class=\"wp-block-quote\"><p>\u201cThis is not a step back;\u200d it\u2019s a strategic reorientation\u2026 A\u200d reduction of this \u200csize will make it necessary to \u200cchange the way we work, and we will share much more about what this will mean in\u200c the days and weeks ahead.\u201d<\/p><\/blockquote>\n<\/div>\n<div class=\"entry-content\">\n<p>Is 65%\u2063 of the first amendment really free speech?<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>In the third part of an exclusive interview\u200c with \u200cMissouri Attorney General Andrew Bailey, One America\u2019s Chief White House Correspondent\u2064 Monica Paige<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>Trump\u2019s gag order is reinstated to Judge\u2062 Engoron\u2019s delight, The ceasefire in Gaza is extended \u200c1 day and Bob Iger incurs\u200d Elon\u2019s wrath<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>with Rep. Ralph \u200bNorman<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>Market capitalizations \u200dof global\u200c mega-cap companies surged, buoyed by a decline in U.S. yields and growing anticipation of potential rate \u200bcuts amid\u2064 diminishing worries about inflation.<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>More advertisers are likely to flee\u200d Elon Musk\u2019s <a title=\"The New Acting Attorney General Jeff Rosen Recently Wrote an Essay on Foreign Influence in US Elections \u2013 This Tells Us A Little About His Knowledge of What\u2019s Going On Today\" href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-new-acting-attorney-general-jeff-rosen-recently-wrote-an-essay-on-foreign-influence-in-us-elections-this-tells-us-a-little-about-his-knowledge-of-whats-going-on-today\/\">social media platform<\/a> X after the billionaire lashed out at\u2063 some\u200d of the biggest names in the media industry.<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>We asked\u200c ChatGPT, OpenAI\u2019s\u2062 viral chatbot,\u200b how it felt on its first birthday.<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>4:05 PM UTC \u2013 November 29, 2023 LONDON (Reuters) \u2013 \u200cGoogle DeepMind has used artificial intelligence (AI) to predict\u2064 the structure of\u2026<\/p>\n<\/div>\n<p>\u200b rnrn<\/p>\n<h2>Will there be big layoffs in 2023?<\/h2>\n<p>The running\u2062 total of layoffs for 2023 based on full months to date is 224,503, according to Layoffs.fyi. Tech layoffs conducted to\u200d date this year\u200c currently\u2064 exceed the total number \u200cof tech layoffs in 2022, according to \u2063the data in the tracker.\u2063 Spotify Announces Third Round of Layoffs in 2023<\/p>\n<p>(photo credit TORU YAMANAKA\/AFP via Getty\u2064 Images)<\/p>\n<p>OAN&#8217;s James Meyers<\/p>\n<p>9:18 AM\u2062 -\u200d Monday, December 4,\u2063 2023<\/p>\n<p>The music streaming platform Spotify has announced a third round of layoffs in 2023.<\/p>\n<p>CEO\u2063 Daniel Ek announced \u200don Monday that the company will lay \u200doff almost \u200c1,500 employees, or \u206317% of its\u2062 \u2064workforce, to reduce costs. He referred to this as\u200c a &#8220;significant&#8221; strategy\u2064 shift for Spotify.<\/p>\n<p>This announcement comes after\u2064 the music \u2062streaming \u200dtitan let\u200d go of 600 workers in January and 200 in June of \u200bthis year.<\/p>\n<p>Ek stated in \u200ca letter\u200b to employees\u2063 that\u2064 the company had &#8220;put significant emphasis&#8221; on\u200d the growth\u2064 of the company in 2021 and\u2064 2022, as the \u200beconomy allowed\u200b it \u200dto do so. However, he added that they now find themselves in \u2064a very different environment.<\/p>\n<p>&#8220;While we&#8217;ve made worthy \u2063strides, as\u2064\u200c I&#8217;ve shared many times, we still \u2064have work to do. Economic growth has slowed dramatically, \u2062and\u200d capital has become\u2062 more expensive. Spotify is not an exception to \u2062these realities,&#8221; Ek said. &#8220;This brings me\u200d to a \u2064decision that \u2062will\u2063 mean a significant step change for our\u200b company. To align Spotify with \u200bour \u2063future goals and ensure\u2063 we are right-sized for the challenges ahead, I have \u200bmade\u200d the\u200d difficult decision to reduce\u2063 our total headcount by\u200d \u200dapproximately 17%\u2062 across the company.&#8221;<\/p>\n<p>In addition,\u200d Ek mentioned, &#8220;I realize that for \u2063many, \u200ba reduction of this size will feel surprisingly large given the\u200b recent positive earnings\u2062 report and\u2062 our performance. We debated making smaller reductions\u200b throughout\u2063 2024 and 2025. \u2063Yet, considering\u2063 the \u2062gap between\u200d our\u2063 financial \u200dgoal state and our\u2064 current \u2064operational costs, I decided that a\u2062 substantial action to rightsize \u200cour \u200ccosts was the best option to\u200b accomplish our objectives. While \u200dI am convinced this \u200dis the right\u200b action\u200d\u2064 for our company, \u200dI also understand \u200dit will be incredibly \u2063painful for our team.&#8221;<\/p>\n<p>However, Spotify added \u2064six million\u2064\u2063 subscribers in the June-to-September\u2064 period, which was \u200cover two million more than the \u200ccompany predicted. They garnered a profit of $34.8 million in \u2063that time,\u2062 up from a loss of $248 million in the same period last year. Spotify currently has 226 million subscribers in total.<\/p>\n<p>&#8220;We still have a ways\u200d to go before we are both productive\u200d and\u2064 efficient&#8230; we have to become \u2062relentlessly resourceful,&#8221; \u2064Ek said.<\/p>\n<p>&#8220;This is not a \u200cstep back;\u200d it&#8217;s a strategic reorientation&#8230; A\u200d reduction of this \u200csize will make us leaner, more focused, and\u200c better positioned \u200cfor future growth,&#8221; Ek concluded.<\/p>\n<p>Spotify&#8217;s\u2062 decision\u200d to lay off employees may come as a \u200dsurprise\u2063 to some, given\u200b the company&#8217;s previous success. However, in a\u2062 <a title=\"Local Journalists Laid Off As Media Conglomerate Suffers Heavy Losses\" href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/local-journalists-laid-off-as-media-conglomerate-suffers-heavy-losses\/\">challenging economic environment<\/a>, \u2062Spotify is making \u200dstrategic adjustments to ensure financial viability and\u2062 <a title=\"SEIU Throws Weight Behind Mail-In Voting\" href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/seiu-throws-weight-behind-mail-in-voting\/\">long-term success<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Spotify, the music streaming platform, will undergo a third round of layoffs in 2023. CEO Daniel Ek revealed plans to cut nearly 1,500 employees, amounting to 17% of the workforce, in order to lower expenses<\/p>\n","protected":false},"author":2301,"featured_media":2115228,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"Spotify to slash 17% of workforce in third layoff of 2021","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2115227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"Spotify to slash 17% of workforce in third layoff of 2021","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2115227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2301"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2115227"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2115227\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2115228"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2115227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2115227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2115227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}