Spotify axes 17% of workforce in third round of layoffs this year
1 year ago

Spotify axes 17% of workforce in third round of layoffs this year

Associated Press  

LONDON — Spotify says it’s axing 17% of its global workforce, the music streaming service’s third round of layoffs this year as it moves to slash costs while focusing on becoming profitable. In a message to employees posted on the company’s blog Monday, CEO Daniel Ek said the jobs were being cut as part of a “strategic reorientation.” The post didn’t specify how many employees would lose their jobs, but a spokesperson confirmed that it amounts to about 1,500 people. Spotify had used cheap financing to expand the business and “invested significantly” in employees, content and marketing in 2020 and 2021, the blog post said. Ek said the “leaner structure” of the company will ensure “Spotify’s continued profitability.” Stockholm-based Spotify posted a net loss of 462 million euros for the nine months to September.

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History of this topic

Why Spotify users are complaining that Spotify Wrapped is sucky this year
2 weeks, 6 days ago

Why Spotify users are complaining that Spotify Wrapped is sucky this year

Salon  

Since 2016, Spotify users have enjoyed what has now become an annual tradition of sharing their brag-worthy — or unabashedly bad — music taste by way of a yearly recap of their most listened-to songs, albums and artists called Spotify Wrapped. As Forbes detailed in their coverage of the criticisms, unlike previous iterations of Spotify Wrapped, and unlike competitors including …

Spotify is no longer a money-losing music app - so what is it now?
1 month ago

Spotify is no longer a money-losing music app - so what is it now?

The Independent  

In a hall in Los Angeles, some of the world’s most famous talkers are gathered. One of Spotify’s core offers is to keep people coming back by giving subscribers “uninterrupted listening and watching of video podcasts”, says Norström, and that should also help convince creators because it will help make their content more enjoyable. That was “phase one” of Spotify’s …

Spotify Has a Fake-Band Problem. It’s a Sign of Things to Come.
3 months, 3 weeks ago

Spotify Has a Fake-Band Problem. It’s a Sign of Things to Come.

Slate  

If you ask their shareholders, Spotify is in a great place right now. “In this instance, the content was removed by the content providers.” “Content providers” could be pretty much anyone on the artist side of things—the “bands” themselves, their management, the label—but Henderson Cole, an entertainment and music lawyer, suspects it might be the third-party intermediaries many artists use …

Spotify price rise: What is happening to the music streaming service?
6 months, 2 weeks ago

Spotify price rise: What is happening to the music streaming service?

Slate  

Spotify is going through something right now. The National Music Publishers’ Association, a powerful trade group for big songwriter-publishing firms, also objected to Spotify’s new “bundles” and served the company a cease-and-desist over its alleged platforming of unlicensed lyrics, music videos, and podcasts. The bundling controversies earned condemnation from outside the legal realm, with Spotify’s own former global head of …

Spotify raises prices on premium plans to boost profits
6 months, 3 weeks ago

Spotify raises prices on premium plans to boost profits

LA Times  

Spotify, the world’s largest music streaming subscription company, is raising its prices again for U.S. premium accounts. Rates for group subscriptions also increasing, with duo plans increasing $2 to $16.99 a month and family plans going up $3 to $19.99 a month. “So that we can continue to invest in and innovate on our product features and bring users the …

Spotify layoffs: Company's CEO admits job cuts disrupted ‘day-to-day operations’
7 months, 4 weeks ago

Spotify layoffs: Company's CEO admits job cuts disrupted ‘day-to-day operations’

Hindustan Times  

Spotify layoffs: Daniel Ek, the CEO of Spotify, said that laying off 1500 employees back in December, which is around 17% of employees, as part of an aggressive efficiency drive as the company strived for better profits, posed a challenge for the company. Daniel Ek told investors, “Although there's no question that it was the right strategic decision, it did …

Spotify shares rally 16% after Q1 gross profit tops 1 billion euros
8 months ago

Spotify shares rally 16% after Q1 gross profit tops 1 billion euros

Live Mint  

Shares of music streaming giant Spotify Technology SA rallied as much as 16 per cent on Tuesday after it reported an increase in the number of paid subscribers and its quarterly gross profit topped 1 billion euros for the first time. The company posted operating profit of 168 million euros for the first quarter -- a turnaround from a loss …

Spotify profits up, but lower marketing hits user growth
8 months ago

Spotify profits up, but lower marketing hits user growth

Hindustan Times  

By Supantha Mukherjee Spotify profits up, but lower marketing hits user growth STOCKHOLM -Spotify's quarterly gross profit topped 1 billion euros for the first time after it reined in marketing spending, although that meant the music streaming giant missed its forecast for monthly active users. "We are going to add back some marketing spend over the year," CEO Daniel Ek …

Spotify swings to profit, paying subscribers rise
8 months ago

Spotify swings to profit, paying subscribers rise

Hindustan Times  

Music and podcast streaming giant Spotify reported Tuesday an increase in the number of paying subscribers and a rare but lower-than-expected operating profit for the first quarter. Spotify swings to profit, paying subscribers rise The company posted a "new quarterly high" operating profit of 168 million euros a turnaround from a loss of 156 million euros over the same period …

Spotify Lossless Hi-Fi Music Could Come With A New Pro Subscription Plan: Know More
8 months, 1 week ago

Spotify Lossless Hi-Fi Music Could Come With A New Pro Subscription Plan: Know More

News 18  

Spotify has been touting its lossless music service for a few years now and people are still waiting to see it made official. The company could add a new Music Pro subscription that will offer the much-awaited lossless audio quality along with other features. Spotify Music Pro Plan Rumours: What It Says The Music Pro plan from Spotify is likely …

Spotify paid $9 billion in royalties in 2023. Here’s what fueled the growth
9 months ago

Spotify paid $9 billion in royalties in 2023. Here’s what fueled the growth

Associated Press  

LOS ANGELES — Spotify paid out $9 billion in streaming royalties last year, the streaming giant said Tuesday in its latest “Loud and Clear” report. “This is everything we know about how much is being paid out, how many artists are achieving different levels of success,” says Charlie Hellman, the vice president and global head of music product at Spotify. …

Spotify reaches 236 million premium subscribers, revenue up 16 per cent: Details
10 months, 2 weeks ago

Spotify reaches 236 million premium subscribers, revenue up 16 per cent: Details

India TV News  

Spotify, a Swedish music streaming platform said that it now has 236 million premium subscribers, which is a 4 per cent increase over the last quarter. The monthly active users have gone up 23 per cent to 602 million and one million ahead of guidance, the company said while disclosing its Q4 2023 numbers. Total revenue grew 16 per cent …

Spotify wants to be a place for creation and discovery, not just for music.
54 years, 11 months ago

Spotify wants to be a place for creation and discovery, not just for music.

Slate  

If Spotify were composing a song about the past few years, it would not be up-tempo pop. In a statement Dec. 7, Spotify CEO Daniel Ek said, “We’ve come to the conclusion that Spotify is entering a new phase and needs a CFO with a different mix of experiences.” On Sunday’s episode of What Next: TBD, I spoke with Bloomberg …

Ex-Spotify employee calls layoffs an emotional roller coaster, says she has no words to express herself
1 year ago

Ex-Spotify employee calls layoffs an emotional roller coaster, says she has no words to express herself

India Today  

2023 has been a tough one for techies across the globe as major companies like Amazon, Google, Meta and Microsoft announced large-scale layoffs this year. One of these employees shared how she lost her job and that it has been an "emotional roller coaster." Unfortunately, I too was affected by the recent round of layoffs at hashtag#spotify and it’s been …

Spotify CEO Explains Why 1500 People Were Laid Off In December 2023: Know More
1 year ago

Spotify CEO Explains Why 1500 People Were Laid Off In December 2023: Know More

News 18  

Spotify continues to churn out high subscriber numbers in the market which gives it a clear lead over Apple Music and other services. Generally, companies decide to remain silent when they lay off employees but Spotify CEO has done the right thing by highlighting the reason for 1500 Spotify employees losing their job this month. According to a report by …

Spotify CFO Paul Vogel to leave next year, company says
1 year ago

Spotify CFO Paul Vogel to leave next year, company says

Hindustan Times  

Spotify's chief financial officer will step down next year, according to the music streaming service, just days after it announced its third round of layoffs for 2023. Spotify’s chief financial officer, Paul Vogel, is leaving next year, the music streaming service said, Friday, Dec. 8, 2023, — just days after the company announced its third round of layoffs for 2023. …

Spotify ousts its finance chief after cutting 1,500 jobs
1 year ago

Spotify ousts its finance chief after cutting 1,500 jobs

The Telegraph  

Spotify has ousted its finance chief as founder Daniel Ek overhauls the streaming service in a bid to strip out costs. The Swedish music company said chief financial officer Paul Vogel will step down at the end of March. The company earlier this week announced it would slash 17pc of its workforce – around 1,500 jobs – in the third …

Spotify to fire 1,500 employees in its third round of layoffs in 2023: Story in 5 points
1 year ago

Spotify to fire 1,500 employees in its third round of layoffs in 2023: Story in 5 points

India Today  

Spotify, a famous music streaming service, faced tough times in 2023. This decision, led by the company's CEO, Daniel Ek, marked the third major round of job cuts that year, impacting about 17 per cent of their workforce. These challenges arose as Spotify grappled with financial pressures despite being a dominant force in the global music streaming industry. To align …

Spotify reduces workforce by 17%, cuts 1,500 jobs: Report
1 year ago

Spotify reduces workforce by 17%, cuts 1,500 jobs: Report

The Hindu  

Spotify is reducing its workforce by 17% in one the biggest layoffs in the audio streaming platform this year. Spotify CEO Daniel EK in statement said the company has too many people dedicated to supporting work rather than contributing to opportunities with real impact. Ek further shared that the company had debated making smaller cuts over the next two years …

Spotify Is Screwed
54 years, 11 months ago

Spotify Is Screwed

Wired  

Just days after people gleefully posted their Spotify Wrapped, bad news came for the music streaming giant. Ek said the cuts may seem “surprisingly large given the recent positive earnings report and our performance,” but due to “the gap between our financial goal state and our current operational costs,” Spotify would take “substantial action.” Despite its popularity, the company has …

Spotify to sack 1,500 employees during its third layoffs round this year
1 year ago

Spotify to sack 1,500 employees during its third layoffs round this year

Hindustan Times  

Music streaming giant Spotify said on Monday that it will lay off around 1,500 employees, or 17% of its headcount, to bring down costs, after letting 600 of its staff go in January, and 200 more in June. REUTERS/Dado Ruvic/File Photo After a round of job cuts at the start of the year by tech companies, some have begun reducing …

Spotify cuts 17% of its global workforce in the latest round of cuts
1 year ago

Spotify cuts 17% of its global workforce in the latest round of cuts

LA Times  

Spotify on Monday said it is laying off 17% of staff. “Economic growth has slowed dramatically and capital has become more expensive,” said Daniel Ek, Spotify’s chief executive, in a blog post. “Spotify is not an exception to these realities.” Ek said the company had considered making smaller reductions in 2024 and 2025 instead, but “considering the gap between our …

Spotify to cut 17% of staff in the latest round of tech layoffs
1 year ago

Spotify to cut 17% of staff in the latest round of tech layoffs

NPR  

Spotify to cut 17% of staff in the latest round of tech layoffs Enlarge this image toggle caption Toru Yamanaka/AFP via Getty Images Toru Yamanaka/AFP via Getty Images The music streaming giant Spotify has announced it's cutting 17% of its workforce in a dramatic move aimed at slashing costs. In a memo addressed to staff, CEO Daniel Ek said it …

Spotify hikes prices in bid to boost profits
1 year, 4 months ago

Spotify hikes prices in bid to boost profits

Daily Mail  

Spotify has hiked its prices for the first time in the UK to boost profits. The Swedish music streaming company will charge £10.99 a month for its premium service, up from £9.99. Spotify, which has 200m paying subscribers across the world streaming music from artists such as Adele, Ariana Grande and Taylor Swift, said that the increases would affect several …

Spotify added millions of users. Here’s why the stock is getting hammered
1 year, 4 months ago

Spotify added millions of users. Here’s why the stock is getting hammered

LA Times  

Spotify’s subscriber numbers are surging. Spotify’s stock on Tuesday plummeted 14% to close at $140.38 a share as the company issued weaker revenue guidance than Wall Street analysts expected. The Swedish audio company added 10 million subscribers during the second quarter to hit a total of 220 million paying users, up 17% from a year earlier. Daniel Ek, Spotify’s chief …

Spotify's paid subscriber base soars to 220 million, setting new highs
1 year, 4 months ago

Spotify's paid subscriber base soars to 220 million, setting new highs

India TV News  

Music streaming giant Spotify on Tuesday announced that the platform now has 220 million Premium subscribers and 551 million monthly active users, as of June 30. The company, in its Q2 earnings report, said that the monthly active users surged 27 per cent to 551 million, and Premium subscribers grew 17 per cent to 220 million. The second quarter earnings …

Spotify takes £34m hit on podcasting in wake of Harry & Meghan split
1 year, 4 months ago

Spotify takes £34m hit on podcasting in wake of Harry & Meghan split

The Telegraph  

Spotify has taken a €39m hit on podcasts after ditching a string of deals including its high-profile tie-up with the Duke and Duchess of Sussex. The music streaming service revealed that it had taken the writedown in the second quarter of the year as a result of “write offs and contract termination” costs “in connection with rationalising our podcast content …

Spotify cuts 200 jobs in its podcast division but promises new original series incoming
1 year, 6 months ago

Spotify cuts 200 jobs in its podcast division but promises new original series incoming

India Today  

Spotify has announced plans to revamp its Podcast division by making structural changes, which includes cutting 200 jobs -- roughly 2 per cent of Spotify's global workforce. In a blog post, Sahar Elhabashi, VP and head of Spotify's podcast business, suggests that podcast listeners continue to grow and the company also enjoys a stable position on the market. In the …

Podcasting giant Spotify cuts 200 more jobs amid industry struggles
1 year, 6 months ago

Podcasting giant Spotify cuts 200 more jobs amid industry struggles

LA Times  

The engineer room in “Pod City” at Spotify’s regional headquarters in Los Angeles. The Stockholm-based audio company said podcast production companies Gimlet and Parcast will be combined into a “renewed Spotify Studios operation” that will be overseen by Julie McNamara, head of global podcast studios. The company heavily invested in podcasting over the years, buying several production companies such as …

Spotify Monthly Active Users Exceed 500 Million In Q1, 2023 For The First Time Since Launch
1 year, 7 months ago

Spotify Monthly Active Users Exceed 500 Million In Q1, 2023 For The First Time Since Launch

ABP News  

Swedish music streaming giant Spotify on Tuesday announced its first quarter financial performance and also said more than half a billion people or 515 million people are using Spotify on a monthly basis. Daniel Ek, Spotify Founder, made the announcement of Twitter: "@Spotify's strongest Q1 since going public in 2018 and the second largest quarter of MAU growth in our …

Spotify has only spent 10% of diversity budget promised after Joe Rogan controversy
1 year, 8 months ago

Spotify has only spent 10% of diversity budget promised after Joe Rogan controversy

The Independent  

Sign up to Roisin O’Connor’s free weekly newsletter Now Hear This for the inside track on all things music Get our Now Hear This email for free Get our Now Hear This email for free SIGN UP I would like to be emailed about offers, events and updates from The Independent. In 2021, the 54-year-old podcaster interviewed widely discredited doctor …

Indian employee fired by Spotify says it feels like a bad dream, has 60 days to find a new job to stay in US
1 year, 10 months ago

Indian employee fired by Spotify says it feels like a bad dream, has 60 days to find a new job to stay in US

India Today  

The tech job market is in shambles as employees keep getting struck by mass layoffs happening all over the world. Feels like a bad dream, says woman working in the US The woman was working with Spotify as a Software Engineer, Data, since the last 1.5 year. Beginning her post on a wretched note, she writes that the day before …

Why did Spotify layoff 600 employees globally?
1 year, 11 months ago

Why did Spotify layoff 600 employees globally?

India TV News  

Spotify, a music streaming giant has announced to slash 6 per cent of its workforce which means, the company is set to remove around 600 staffers, across the world. Image Source : PIXABAYSpotify "And for this reason, today, we are reducing our employee base by about 6 per cent across the company. The company said that an average employee of …

Spotify latest tech name to cut jobs, axes 6% of workforce
1 year, 11 months ago

Spotify latest tech name to cut jobs, axes 6% of workforce

Associated Press  

LONDON — Music streaming service Spotify said Monday it’s cutting 6% of its global workforce, or about 600 jobs, becoming yet another tech company forced to rethink its pandemic-era expansion as the economic outlook weakens. Big tech companies like Amazon, Microsoft and Google announced tens of thousands of job cuts this month as the economic boom that the industry rode …

Spotify could cut staff as early as this week
1 year, 11 months ago

Spotify could cut staff as early as this week

The Hindu  

Spotify Technology is planning layoffs as soon as this week to cut costs, Bloomberg News reported on Sunday, joining the likes of Alphabet Inc., Amazon.com Inc., and Microsoft Corp. who have cut thousands of jobs recently. Swedish music streaming giant Spotify said Monday that it was cutting six percent of its roughly 10,000 employees, the latest among a slew of …

Spotify confirms layoffs, plans to fire around 600 employees
1 year, 11 months ago

Spotify confirms layoffs, plans to fire around 600 employees

India Today  

Music streaming firm Spotify Technology SA said on Monday it plans to cut 6 percent of its workforce, or roughly 600 jobs, adding to a glut of layoffs in the technology sector as companies prepare for a possible recession. Spotify, which had about 9,800 full-time employees as of Sept. 30, said it expects to incur about 35 million euros to …

Spotify back up after brief outage
1 year, 11 months ago

Spotify back up after brief outage

The Hindu  

Audio streaming platform Spotify suffered a brief outage on Friday, leaving tens of thousands of users unable to access the platform before services appeared to come back online. Downdetector, which tracks outages through a range of sources including user reports, showed more than 45,000 affected users from the United States at the peak of the disruption. In October, last year, …

Spotify is back online after a brief outage- Know what happened
1 year, 11 months ago

Spotify is back online after a brief outage- Know what happened

India TV News  

Spotify, a music streaming platform suffered a brief outage in the US on Friday night that left thousands of users without access to the live music streaming platform and is now back online. Online website outage tracker Downdetector spotted more than 30,000 reports of the issue with Spotify. The Spotify Status Twitter account acknowledged the issues just before 9 p.m. …

Spotify now has 195 million paid subscribers
2 years, 1 month ago

Spotify now has 195 million paid subscribers

The Hindu  

Audio streaming platform Spotify now has 195 million paid subscribers and expects to cross the 200 million mark by the end of this year, the company said in its September-ending quarter financial update. Apple’s “anti-competitive behaviour” was hurting everyone including audiobook listeners, publishers and authors, Spotify said in a blog post. Apple charges a commission of up to 30% on …

Spotify Hi-Fi Is Coming Soon, Price Details And More Leaked
2 years, 2 months ago

Spotify Hi-Fi Is Coming Soon, Price Details And More Leaked

News 18  

Spotify has been working on its Hi-Fi streaming plan for a few years but it has never launched the service for its subscribers. Spotify Hi-Fi will go up against Apple Music which has already been providing its users with lossless audio quality. Spotify Hi-Fi Plan Price And More Details The Spotify Hi-Fi or Platinum plan has been listed with a …

Spotify kills 11 original podcasts, lays off around 5% staff
2 years, 2 months ago

Spotify kills 11 original podcasts, lays off around 5% staff

India TV News  

Spotify, a music streaming platform has been reportedly shuttering down 11 original podcasts from its in-house studios, as a part of cost-cutting and layoffs which recently took place. Among the podcasts which got cancelled from the in-house studio's Gimlet and Parcast are How to Save a Planet Crime Showa Medical Murders to name a few Also, in the second quarter …

Spotify Loses Over $2 Billion in Three Days Amid Joe Rogan Podcast Controversy
2 years, 10 months ago

Spotify Loses Over $2 Billion in Three Days Amid Joe Rogan Podcast Controversy

News 18  

It seems American podcaster Joe Rogan’s controversial episode on COVID-19 misinformation has caused audio streaming platform Spotify a loss of $2 billion in market value. According to a report by Variety, the Swedish audio streaming company’s market capitalisation fell about $2.1 billion a span of three days last week after folk rocker Neil Young removed his songs from Spotify to …

Spotify lays off staff, shuts down its podcast studio
2 years, 11 months ago

Spotify lays off staff, shuts down its podcast studio

India TV News  

Highlights The team rounded out Spotify's in-house studio offerings The team of Spotify Studios had 10 to 15 employees who lost their jobs Gina Delvac, Studio Head was also laid off Swedish music streaming giant Spotify has shut down its podcast studio and laid off some members of the team, the media reported. Studio 4, or Spotify Studios, had 10 …

Spotify Wrapped 2021 is a timely reminder of your favorite music and podcasts
3 years ago

Spotify Wrapped 2021 is a timely reminder of your favorite music and podcasts

Hindustan Times  

The Spotify Wrapped 2021 year-in-review is now Live for users globally and is a rather timely reminder of the music and podcasts you’ve listened to the most through the best part of the year gone by. Spotify Wrapped 2021 year-in-review is a timely reminder of the music and podcasts you’ve listened to the most through the best part of the …

Spotify to buy Ohio audiobooks firm, expanding audio ambitions
3 years, 1 month ago

Spotify to buy Ohio audiobooks firm, expanding audio ambitions

LA Times  

“It is Spotify’s ambition to be the destination for all things audio both for listeners and creators,” Gustav Söderström, Spotify’s Chief Research & Development Officer, said in a statement. Spotify on Thursday said it will buy Ohio-based audiobooks distribution company Findaway as the Swedish streaming service continues to expand its audio offerings beyond music and podcasts. “It is Spotify’s ambition …

Spotify quarterly revenue beats on paid users, ad rebound
3 years, 4 months ago

Spotify quarterly revenue beats on paid users, ad rebound

Live Mint  

Spotify Technology SA beat Wall Street estimates for second-quarter revenue on Wednesday, as the music streaming company reported a 20% jump in paid subscribers for its premium service driven by demand in Europe and North America. Its The top end of the company's current quarter forecast for revenue and premium subscribers also surpassed expectations. Spotify forecast revenue of 2.31-2.51 billion …

The Music Industry Is Finally Scaring Spotify
54 years, 11 months ago

The Music Industry Is Finally Scaring Spotify

Slate  

The music industry, at just about every level below the C-suite, has had enough. Among the many organizations that have banded together to speak out against this inequity: • The Music Workers Alliance, formed to provide resources for out-of-work contractors within all facets of the industry • The U.K.’s #BrokenRecord campaign, which is lobbying Parliament to legislatively restructure the industry …

Spotify Doubles Android Downloads to 1 Billion in Just Two Years
3 years, 7 months ago

Spotify Doubles Android Downloads to 1 Billion in Just Two Years

News 18  

Spotify has clocked over one billion downloads on Google Play Store in just two years after hitting the 500 million mark. Meanwhile, the Swedish music streaming giant recently announced that it had 158 million premium subscribers and 356 million monthly active users until March 31, 2021. Its last quarter performance report shows that the company managed a 21 percent year-on-year …

Spotify Now Has 158 Million Premium Subscribers and 356 Million Monthly Active Users
3 years, 7 months ago

Spotify Now Has 158 Million Premium Subscribers and 356 Million Monthly Active Users

News 18  

Swedish music streaming giant Spotify, in its earnings report yesterday said that it now has 158 million premium subscribers and 356 million monthly active users. This makes for a 21 percent year-on-year increase in premium subscribers and a 28 percent increase in monthly active users. Spotify’s growth comes as the company is focusing on podcasts as a way to convert …

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