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Spotify to axe 1,500 jobs in cost-cutting plan

Spotify

Spotify is cutting jobs to reduce its costs

The streaming giant Spotify is to cut 1,500 jobs as it looks to reduce costs.

The reduction is around 17 percent of its 9,000 staff.

The company says it needs "substantial action to rightsize our costs" as it strives to reach a billion users by 2030.

READ MORE: Spotify To Cut 200 Jobs In Podcasting Division

Chief executive Daniel Ek said the decision was "difficult" and added economic growth had slowed "dramatically."

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He said: "I recognize this will impact a number of individuals who have made valuable contributions.

"To be blunt, many smart, talented and hard-working people will be departing us."

The move comes after the company cut 200 jobs in its podcasting department in June this year.

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The company recently recorded a profit of €65 million (£55.7 million) for the three months leading up to September, its first quarterly profit in over a year.

The increase was attributed to price increases and a rise in subscribers.

The company aims to reach a billion users by 2030.

In a statement to the BBC in September, Ek remarked on the company's podcast content, admitting that while some of it has been successful, other aspects have not met expectations.

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