
Spotify is to axe around 1500 jobs or one in six of its workforce in a bid to cut costs, marking a major U-turn on CEO and founder Daniel Ek’s strategy of growth through operational expansion.
The Stockholm-based music streaming service, which has close to 1,000 staff in the UK, said the move was “not a step back [but] a strategic reorientation” because economic growth had “slowed dramatically” and capital has become more expensive. It follows an earlier round of cuts in January, in which around 6% of the workforce was laid off.