Spotify slashes 6% of workforce after revenue growth slows

Spotify has slashed 6% of its global workforce after the firm said its operational costs outpaced its revenue growth. The music streaming service said it would begin

holding one-to-one conversations with affected employees, who will receive 5 months of severance pay on average. Spotify boss Daniel Ek said: Like many other leaders, I

hoped to sustain the strong tailwinds from the pandemic and believed that our broad global business and lower risk to the impact of a slowdown in ads would insulate us. “In

hindsight, I was too ambitious in investing ahead of our revenue growth. “And for this reason, today, we are reducing our employee base by about 6% across the company. I

take full accountability for the moves that got us here today.” This story is being updated Register now for one of the Evening Standard’s newsletters. From a daily

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