Spotify reduces its staff by 6%
CEO Daniel Ek cites “efficiency” as the reason for layoffs, part of a recent tech trend.
Spotify on Monday said it is cutting 6% of its staff, following a wave of layoffs at other tech and entertainment businesses as they adjust to a challenging economic environment.
As part of the move, the Swedish music-streaming giant said that Chief Content Officer and Advertising Business Officer Dawn Ostroff is leaving.
A key architect of Spotify’s podcast strategy, Ostroff joined the company as it made large audio and advertising investments, acquiring production companies and making podcast deals with newsmakers and celebrities.
But the company’s aggressive investments in the podcast space have drawn more scrutiny amid a cooling economy.
Spotify CEO Daniel Ek said the layoffs were reflective of Spotify’s need to be more efficient.
“We still spend far too