Spotify spends big on employee events amid layoffs
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Spotify held an extravagant annual Wrapped event in London despite laying off 1,500 employees just days later. Some think spending on parties is too high given cost cutting.
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Spotifest, an annual music festival for employees, was seen as lavish by some. It had performances, games, photo booths and tattoos.
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Spotify spends a lot on "Intro Days", flying new hires to Sweden for onboarding and networking. Some see it as unnecessary.
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The events serve partly as marketing but also to boost company culture and morale during turbulent times. Spotify defends them as "key".
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Spotify aims to expand beyond music into more profitable areas like podcasts. But it needs to balance investing in new growth with investor demands for efficiency.