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WEKU
WEKU
Emily Olson

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

Spotify Daniel Ek
Daniel Ek, CEO of Swedish music streaming service Spotify, in 2016. On Monday, Ek announced Spotify would layoff 17% of employees. (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 was critical that the company "rightsize" its financial situation after hiring too many people in 2020 and 2021, when capital was cheaper.

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