London Daily

Focus on the big picture.
Wednesday, Feb 12, 2025

Spotify Plans Workforce Reduction of Nearly 20% Despite Reporting £55 Million Profit

Spotify is set to lay off nearly 20% of its staff despite a £55 million profit. Despite subscription growth, 1,500 employees are expected to be let go, marking the third set of layoffs this year.
The cuts represent 17% of Spotify's 9,300-strong workforce. The previous layoffs included 200 in June and 600 in January. The impact on UK-based roles is uncertain, with about 150 of 881 UK employees potentially at risk.

The streamlining follows a profitable quarter for Spotify, the company's first in a year, after increasing prices and expanding its user base to 601 million, a substantial rise from the end of 2020.

CEO Daniel Ek acknowledged the contradictory nature of the job reductions given recent successes.

He articulated the company's need to balance productivity with efficiency and to reduce operational costs to meet financial goals.

Ek indicated that the cuts are part of a plan for a stronger Spotify in 2024.

Affected employees will be notified, receiving approximately five months' severance and immigration support if needed, due to visa reliance on their job.

Spotify has invested heavily in its podcast segment, attracting big names and aims for 1 billion users by 2030.
Newsletter

Related Articles

0:00
0:00
Close
US Teacher Detained in Russia Freed Amid Optimism for Improved US-Russia Relations
EU-UK Security Pact Unhindered by Fishing Rights Dispute, Says EU President
Tories Criticize Proposed Chagos Islands Sovereignty Transfer Amid Escalating Cost Claims
World Leaders Promote Ethical and Inclusive AI Governance at Paris Summit
Deloitte US Revises Policies in Response to Evolving Political Climate
Apple Releases Critical Security Update Following Reports of Vulnerabilities
US Senate Moves Forward with Tulsi Gabbard's Nomination for Director of National Intelligence.
Israel Warns of Ending Gaza Ceasefire Amid Hostage Situation
King Abdullah II Dismisses US Proposal to Relocate Palestinians, Commits to Welcoming Children from Gaza.
Sam Altman Addresses Elon Musk's Offer to Acquire OpenAI
OpenAI Reconfirms Its Independence After Musk's $97 Billion Offer.
Elon Musk Cautions That the U.S. Could Face Bankruptcy Without Reductions in Federal Spending.
How Spain Transformed from High Unemployment to Eurozone Growth Leader
FEMA Allocated Fifty-Nine Million Dollars to House Illegal Migrants in Luxury Hotels, Triggers Investigation
Australian Billionaires Set to Encounter New Wealth Tax Under Greens Initiative
U.S. Secret Service Invests Two Million Dollars in High-Quality, Effective Recruitment Ad Directed by Michael Bay
MPs to Receive Proposed 2.8% Pay Increase, Raising Salaries to £93,904 – It’s Legal, and That’s Exactly the Problem
The European Union Shifts Focus to AI Innovation Amid Global Competition (or at least this is what they claim)
Europe's far-right leaders pledge to 'reclaim' the continent in the wake of Trump's reelection.
Keir Starmer Under Examination Regarding His Legal Strategy
Merz and Scholz Spar Over Migration and Economic Strategies in Pre-Election Discussion
"Marrow stupid": Senator John Kennedy Blasts UK Prime Minister Keir Starmer Over Chagos Islands Transfer
Nigel Farage’s Reform UK Surge Reshapes Electoral Dynamics
Kemi Badenoch Faces Internal Criticism After 100 Days as Tory Leader
Campaigners Urge UK to Apologise for Forced Adoptions
Church of England Upholds Traditional Eucharistic Elements Amid Calls for Alternatives
Rayner Defends Approach at Grenfell Tower Meeting Amid Dismantling Plan
China Implements Tit-for-Tat Tariffs on US Goods Amid Trade Escalation
Italy and Wales Set for Six Nations Clash at Rome’s Stadio Olimpico
Ministry of Justice Apologises Over Prisoner Early Release Letter Error
Rare First Edition Harry Potter Book Sells for Over Twenty-One Thousand Pounds
Drax Power Station Under Scrutiny for Incomplete Wood Sourcing Reporting
UK Government Reaffirms Pledge to Build 1.5 Million New Homes by 2029
Freed Israeli Hostage Learns of Family's Death After Release from Gaza
French President Macron Employs Deepfake Technology to Advocate for AI Summit
Trump Names Musk to Investigate Government Fraud Amidst Controversy
Police Stop Ed Sheeran's Street Performance in Bengaluru
FBI Alerts Smartphone Users About Toll Scam Threat
Australian Educator Declares Identity as a Cat, Sparking Parental Backlash
Kremlin Addresses Claims of Trump-Putin Phone Conversation in Light of Ukraine Crisis
Trump Connects with Putin to Address the Ukraine Crisis
Super Bowl Ad Prices Soar to Record Highs Amid Streaming Surge
China Achieves 2030 Solar Energy Targets Early, Cuts Subsidies for Renewable Energy
Trump Signs Executive Order Prioritizing White South African Refugees
Europe Faces Growing Security Concerns and Trump's New Demands on Ukraine
Trump Revokes Security Clearances of Biden Officials, Including Blinken and Sullivan
Justin Bieber Sparks Concern as New Footage Raises Health Fears
European Right-Wing Leaders Celebrate Trump’s Impact on Global Politics
Trump Administration Directs Admiral to Leave Official Residence Within Three Hours
British Health Secretary Andrew Gavin Fired Over Controversial Messages
×