Spotify has slashed its workforce by six per cent in a bid to recover its financial position after the music giant ambitiously invested double its revenue growth.
Spotify CEO Daniel Ek admitted he aggressively spent double the company’s revenue growth on its podcasts, advertising and licensing in 2022.“Like many other leaders, I hoped to sustain the strong tailwinds from the pandemic and believed that our broad global business and lower risk to the impact of a slowdown in ads would insulate us. In hindsight, I was too ambitious in investing ahead of our revenue growth,” he said in a company memo on Monday.Stream Sky News live & on demand with Flash.
The major streaming company recorded AUD3.2 billion in gross profit over nine months in 2022 – up by AUD380 million in the same period the previous year. The company will also continue healthcare benefits for the duration of the severance pay, immigration support for affected workers and career support for two months.
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