Music-streaming service Spotify to slash 17 percent of workforce a month after stepping back from costly podcast drive.
In October the New York-listed company said cost-cutting measures and price rises had helped it report a third-quarter profit of 65 million euros, its first quarterly profit in more than a year.
Spotify has added tens of millions of subscribers over the past few years, but has struggled to return consistent profits.
The company has recently moved away from an expensive foray into podcasts that it began during the Covid-19 pandemic as an effort to create original content that did not require expensive payments to rights holders, and which has added to its cost-cutting pressure.
Other recent efforts have included a move into audiobooks, an area in which it competes with the likes of Amazon's Audible.
This Cyber News was published on www.silicon.co.uk. Publication date: Mon, 04 Dec 2023 10:13:04 +0000