Music streaming service cuts 17% of global workforce as it struggles to become profitable.

Spotify, the music streaming service, announced on Monday that it would be cutting 1,500 jobs, or 17% of its global workforce. The layoffs come as the company struggles to become profitable.

In a letter to employees, Spotify CEO Daniel Ek said that the company had “hired too many people too quickly” in recent years. He also said that the company needed to “streamline” its operations in order to become more efficient.

The layoffs will affect employees across all levels and functions at Spotify. The company said that it would be providing severance packages and other assistance to employees who are laid off.

Sources:

  • Reuters
  • Bloomberg
  • The Verge