this post was submitted on 26 Apr 2024
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This is the best summary I could come up with:
In December, music streaming giant Spotify fired 1,500 workers, a cohort amounting to a staggering 17 percent of its total workforce at the time.
On an investor call this week following Spotify's Q1 report, the streaming CEO admitted that while the layoffs were the "right strategic decision," firing 1,500 employees "did disrupt our day-to-day operations more than we anticipated."
"It took us some time to find our footing," Ek continued, according to Fortune, "but more than four months into this transition, think we're back on track."
And sometimes, it's true that companies do over-hire โ a reality exemplified by the tech industry, which saw record layoffs last year after a decade of fairly steady workforce increases furthered by the industry's pandemic hiring boom.
Because copyright exists, access to an endless music library isn't cheap.
"On the surface," Spotify's business model "looks great," Simon Dyson, senior principal analyst at the consultancy firm Omdia, told Wired last year following Ek's layoff announcement.
The original article contains 403 words, the summary contains 160 words. Saved 60%. I'm a bot and I'm open source!