Spotify Lays Off 1,500 Employees Amid Slower Growth After Pandemic Boom
-
Music streaming service Spotify is cutting about 17% of its workforce, around 1,500 jobs, due to slower economic growth.
-
Comes after Spotify reported a rare quarterly net profit in October, following 26% user growth.
-
Spotify invested heavily in content and expansion during the pandemic, but now faces higher costs and slower growth.
-
This is Spotify's third round of layoffs this year after cuts in January and June.
-
Layoffs part of tech industry trend with BT, Meta, Microsoft, Amazon and Alphabet also recently announcing major job cuts.