Spotify CEO Daniel Ek surprised by how much laying off 1,500 employees negatively affected the streaming giant’s operations - eviltoast
Spotify CEO Daniel Ek surprised at negative impact of laying off 1,500 Spotify employees
fortune.com
Ek said Spotify employees were doing too much "work around the work" as he laid off 17% of the group's workforce in December.

When Spotify announced its largest-ever round of layoffs in December, CEO Daniel Ek hailed a new age of efficiency at the streaming giant. But four months on, it seems he and his executives weren’t prepared for how tough filling in for 1,500 axed workers would be.

The music streamer enjoyed record quarterly profits of €168 million ($179 million) in the first three months of 2024, enjoying double-digit revenue growth to €3.6 billion ($3.8 billion) in the process.

However, the company failed to hit its guidance on profitability and monthly active user growth.

Edit: Thanks to @Zerlyna@lemmy.world for the paywall-free link: https://archive.ph/wdyDS

  • arglebargle@lemm.eeEnglish
    323·
    8 months ago

    I am somewhat happy I never joined spotify.

    Seems like a monopoly that everyone belongs too. Yet they never really had the music I was after anyways.

    • FontMasterFlex@lemmy.worldEnglish
      31·
      8 months ago

      what music don’t they have that you’re after??? i dont think i’ve ever NOT found something i was looking for on Spotify.

      • arglebargle@lemm.eeEnglish
        31·
        8 months ago

        A lot of live music, a lot of indie music, and in some cases a lot of surprisingly popular music.

        In the end, I never bought into any service. I am willing to donate to Soma FM for my work day music streaming, and for everything else I simply host it myself.

          • FontMasterFlex@lemmy.worldEnglish
            11·
            8 months ago

            I doubt they will return with anything specific or it will be something EXTREMELY niche, local band type stuff. Spotify has an extremely broad range of music. There are a few notable exceptions are Garth Brooks (where are the bodies Garth?!) and Neil Young.

    • zaphod@jlai.lu
      11·
      8 months ago

      Wouldn’t call them a monopoly, at least not for music as there are alternatives.

    • Cait@lemmy.blahaj.zone
      11·
      8 months ago

      They actually offer an inferior platform compared to other music streaming services. You can get way more stuff on SoundCloud for a similar price, or way better audio quality on Deezer or Amazon/Apple music, for a mark up. It’s honesty kindaastonishing just his popular Spotify is compared to what they offer…