Swedish music streaming service Spotify to cut workforce by 6%

Swedish-based music streaming service Spotify is cutting its workforce by about 6%, CEO Daniel Ek said on Monday.

To bring costs more in line, “we’ve made the difficult but necessary decision to reduce our number of employees," Ek wrote on Spotify's blog.

"I take full accountability for the moves that got us here today," he added.

According to the company's third-quarter earnings report, Spotify workforce consisted of 9,808 full-time equivalent (FTEs) globally.

Ek noted that he also decided to restructure the organization in order to drive more efficiency, control costs, and speed up decision-making.

As of the third quarter of last year, Spotify's total monthly active users grew 20% year-on-year to 456 million.

Source: Anadolu Agency