15:46 - 4.12.2023

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December 4, Fineko/abc.az. Streaming service Spotify is to cut 17% of its staff.

ABC.AZ reports that Spotify’s head Daniel Ek writes about this on company's website.

"Economic growth has slowed down sharply, and capital has become more expensive. Spotify is no exception to these realities," he explained. "I have made the difficult decision to reduce the total number of employees of the company by about 17%."

Ek thanks the employees for their dedication and good work, as well as for the company's achievements in recent years.

"I understand that for many, a reduction of this size will seem surprisingly large, given the recent positive report on profits and results of our activities," company’s head said.

The number of employees of the company is more than 9,200 people. Spotify's operating profit in 2022 decreased by €659 million, net profit by €430 million. The number of users in 2023 reached 574 million, of which 226 million pay for services.