STOCKHOLM: Swedish music streaming giant Spotify said Monday (Jun 5) it will cut some 200 positions, equalling 2 per cent of its workforce, as it slims down its internal podcast operations. The Sweden-based company said it had recently 'embarked on the next phase of our podcast strategy', and was moving to
STOCKHOLM: Swedish music streaming giant Spotify said Monday it will cut some 200 positions, equalling 2 per cent of its workforce, as it slims down its internal podcast operations.
"Doing so requires adapting; over the past few months, our senior leadership team has worked closely with HR to determine the optimal organisation for this next chapter," Spotify said in a statement. The streaming giant, which is listed on the New York stock exchange, announced in April it had passed 500 million monthly active users with 210 million paying subscribers.
The widened loss was, according to the company, attributed to a higher headcount compared to a year earlier and changes in social charges.
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