When Spotify announced its largest-ever round of layoffs in December, CEO Daniel Ek hailed a new age of efficiency at the streaming giant. But four months on, it seems he and his executives weren’t prepared for how tough filling in for 1,500 axed workers would be.
The music streamer enjoyed record quarterly profits of €168 million ($179 million) in the first three months of 2024, enjoying double-digit revenue growth to €3.6 billion ($3.8 billion) in the process.
However, the company failed to hit its guidance on profitability and monthly active user growth.
Edit: Thanks to @Zerlyna@lemmy.world for the paywall-free link: https://archive.ph/wdyDS
I’m on the same track although I distribute my music there, so I wonder if unsubbing will affect that. I’m not subbed to the other platforms that have my music, so I don’t see why it would.
Because they have a huge market share, though, it’s easier to tell people check me out on Spotify than Tidal/Deezer/Bandcamp or whatever because the average Joe doesn’t know what those are.