Spotify laying more off

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Spotify cuts 17% of staff in third round of layoffs this year

Spotify (SPOT) laid off 17% off its staff on Monday in a bid to reduce costs and boost margins, sending shares surging. Yahoo Finance anchors Brad Smith and Seana Smith break down the latest development with the company and how it will affect the business going forward. For more expert insight...

finance.yahoo.com

Follows earlier cuts this year.

 

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This NY Times article also talks about the problems they're having. They invested in a lot of podcasts and audiobooks, and those additions cost money. They lost around $500 million earlier this year.

Spotify to Cut 1,500 Jobs After Spending Spree (Published 2023)

The music streaming service has expanded into podcasting and audiobooks but found it difficult to turn a consistent profit.

www.nytimes.com