Spotify is set to slash 17% of its total global workforce, according to a Monday blog post from founder and CEO Daniel Ek, the audio streaming giant’s latest move toward achieving profitability.
The Stockholm, Sweden-based company says about 1,500 workers will be affected. They follow a January reduction of 600 workers from its podcast division, and another 200 in June.
“Over the last two years, we’ve put significant emphasis on building Spotify into a truly great and sustainable business – one designed to achieve our goal of being the world’s leading audio company and one that will consistently drive profitability and growth into the future,” Ek wrote.
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