Spotify says will cut staff by 'approximately 17%'The Spotify company logo is diaplayed as traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on February 01, 2023 in New York City. STOCKHOLM, Sweden — Music streaming giant Spotify said Monday it will reduce the number of its employees by around 17% in a bid to cut costs amid "dramatically" slower economic growth. Spotify has invested heavily since its launch to fuel growth with expansions into new markets and, in later years, exclusive content such as podcasts. In 2017, the company had around 3,000 staff members, more than tripling the figure to around 9,800 at the end of 2022. The company has never posted a full-year net profit and only occasionally quarterly profits despite its success in the online music market.
