Spotify says will cut staff by ‘approximately 17%’

Agence France-Presse

Music streaming giant Spotify said Monday it will reduce its number of employees by around 17% in a bid to cut costs amid “dramatically” slower economic growth.

“To align Spotify with our future goals and ensure we are right-sized for the challenges ahead, I have made the difficult decision to reduce our total headcount by approximately 17 percent across the company,” chief executive Daniel Ek wrote in a letter to employees, which was seen by AFP.