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Spotify lays off 600 employees, 6% of workforce

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Another tech company is joining the massive wave of layoffs that will plague the sector from 2022. Spotify founder and CEO Daniel Ek announced this Monday that he will cut his workforce by 6%, which equates to 200 employees. The music and podcast platform has also restructured its board of directors, which will see the departure of its chief content officer and the rise of two new presidents who will lead the day-to-day running of the company, relieving EC of those functions. .

Like other technology companies, the Swedish company’s CEO justified his decision to consolidate growth during the pandemic. “Like many other executives, I hoped to weather the headwinds of the pandemic and believed that our huge global business and low risk of advertising slowdowns would strengthen us. In retrospect, I was too ambitious to invest before our revenues grew,” Ek explained to employees. letter Which was later published openly: “I take full responsibility”.

In another line, also indicated by the largest in the sector, such as Google, Microsoft, Amazon or Meta, Ek points to inflation and the increase in operating costs, which doubled the company’s revenue growth. “This would be unsustainable in any situation in the long run, but in a difficult macroeconomic environment, bridging the gap would be even more difficult.” As you know, during the last months we made quite a lot of effort to reduce costs, but it was not enough,” said Ek.

So far, Amazon has experienced the biggest job cuts among tech companies, laying off 18,000 workers. Next, the rest of the multinational companies in the sector were placed: Google with 12,000, Microsoft with 11,800 and Meta (the parent company of Facebook, Instagram and WhatsApp) with 11,000. The only one of the Big Five tech companies that has yet to announce layoffs is Apple. Overall, the sector has shed nearly 200,000 jobs in recent months, with 150,000 redundancies due to close in 2022.

Spotify used this restructuring to make management changes. Dawn Ostroff, head of content since 2018, will leave the company. Ostroff was responsible for the platform’s heavy commitment to podcasts, which grew to over 40 during his tenure. The new co-chairman of the platform, Alex Norström, will perform his tasks together with Gustav Söderström.

Source: El Diario

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