Swedish music streaming giant Spotify said Monday it will cut some 200 positions, equalling two percent of its workforce, as it slim
The Sweden-based company said it had recently “embarked on the next phase of our podcast strategy,” and was moving to a “tailored approach optimized for each show and creator.”
“Doing so requires adapting; over the past few months, our senior leadership team has worked closely with HR to determine the optimal organization for this next chapter,” Spotify said in a statement. “As a result, we have made the difficult but necessary decision to make a strategic realignment of our group and reduce our global podcast vertical and other functions by approximately 200 people,” it added, noting it represented about two percent of Spotify’s global workforce.
The streaming giant, which is listed on the New York stock exchange, announced in April it had passed 500 million monthly active users with 210 million paying subscribers. The company also posted a first quarter operating loss of 156 million euros , compared to an operating loss of six million euros a year earlier.
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