Music streaming service becomes latest tech firm to announce cuts after pandemic overexpansion
Spotify
Its co-founder and chief executive, Daniel Ek, told staff in a blogpost that the platform was reducing its workforce by 6% after he had been “too ambitious”. Spotify’s operating expenditure grew at twice the speed of its revenue last year, Ek wrote, as the Stockholm-based company invested heavily in its podcast business. The company makes money from its premium service, which accounts for about 85% of its revenue, with the rest coming from its ad-supported service.
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