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Saturday, June 15, 2024

Spotify Is Screwed

Spotify Is Screwed

Spotify is the world’s biggest music streamer but rarely turns a profit and just cut 17 percent of its workforce. Its business model looks increasingly precarious.

By , WIRED

Just days after people gleefully posted their Spotify Wrapped, bad news came for the music streaming giant. Spotify announced today that it would cut 17 percent of its workforce, a chunk that equates to an estimated 1,500 people. It’s the third time the world’s largest music streamer has cut jobs this year.

The news came after Spotify posted its first profitable quarter since 2021. In a memo to staff, CEO Daniel Ek said the company had expanded its workforce and offerings significantly throughout 2020 and 2021, thanks to lower-cost capital, but is now bumping up against the same problems startups across industries are facing, like high capital costs and slowed economic growth.

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