Spotify CEO Daniel Ek surprised at negative impact of laying off 1,500 Spotify employees
fortune.com
Ek said Spotify employees were doing too much "work around the work" as he laid off 17% of the group's workforce in December.

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

  • arglebargle@lemm.eeEnglish
    273·
    7 months ago

    I am somewhat happy I never joined spotify.

    Seems like a monopoly that everyone belongs too. Yet they never really had the music I was after anyways.

    • FontMasterFlex@lemmy.worldEnglish
      31·
      7 months ago

      what music don’t they have that you’re after??? i dont think i’ve ever NOT found something i was looking for on Spotify.

      • arglebargle@lemm.eeEnglish
        21·
        7 months ago

        A lot of live music, a lot of indie music, and in some cases a lot of surprisingly popular music.

        In the end, I never bought into any service. I am willing to donate to Soma FM for my work day music streaming, and for everything else I simply host it myself.

          • FontMasterFlex@lemmy.worldEnglish
            11·
            7 months ago

            I doubt they will return with anything specific or it will be something EXTREMELY niche, local band type stuff. Spotify has an extremely broad range of music. There are a few notable exceptions are Garth Brooks (where are the bodies Garth?!) and Neil Young.