Spotify also faces layoffs... 6% workforce reduction
[Asia Economy New York=Special Correspondent Joselgina] The world's largest music streaming service provider, Spotify, has also joined the ranks of tech companies undergoing restructuring.
On the 23rd (local time), Spotify announced that it would reduce its global workforce by 6%, which amounts to approximately 600 employees. Those laid off will receive an average of five months' salary and healthcare benefits.
Daniel Ek, Spotify's Chief Executive Officer (CEO), stated on the company's website, "In the coming hours, conversations will begin with employees affected by this layoff." Don Ostroff, Spotify's Chief Content Officer, has also decided to leave the company. Ostroff, who joined in 2018, is credited with significantly growing Spotify's emerging advertising and podcast business.
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Announcements of tech-related layoffs continue to follow one another. Earlier, Microsoft, the third-largest company by market capitalization, announced it would lay off 10,000 employees, equivalent to 5% of its total workforce. Alphabet, Google's parent company, recently revealed plans to cut 12,000 jobs, the largest reduction since its founding.
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