Spotify will lay off around 17 percent of its employees in an effort to “cut costs,” according to an internal memo obtained by Music Business Worldwide.
In the memo sent to staff today, Spotify CEO Daniel Ek wrote, “Considering the gap between our financial goal state and our current operational costs, I decided that a substantial action to right-size our costs was the best option to accomplish our objectives.”
“While I am convinced this is the right action for our company, I also understand it will be incredibly painful for our team,” he continued, “To be blunt, many smart,…
