According to Yahoo News, Spotify Technology SA has announced plans to reduce its workforce by 17% as the company faces slower growth. Impacted employees will be notified on Monday, and meetings with human resources will take place by the end of the day on Tuesday, according to a statement from the music streaming company.
CEO and founder Daniel Ek stated that the company currently has too many people dedicated to supporting work and even doing work around the work, rather than contributing to opportunities with real impact. He emphasized the need for more employees to focus on delivering for the company's key stakeholders – creators and consumers.
Ek also mentioned that the company will concentrate on a leaner structure, allowing it to be more strategic about reinvesting profits in the business. He is expected to address the workforce reduction in an 'Unplugged' session on Wednesday.
