Spotify cuts 6% of its workforce and blames the spiral of OPEX pegged to 2X revenue

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Royebisin22#
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Spotify cuts 6% of its workforce and blames the spiral of OPEX pegged to 2X revenue

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Spotify has simply confirmed that it is laying off 6% of its staff as part of a restructuring that also sees content director and chief marketing officer Dawn Ostroff heading for the exit. The Stockholm-based music streaming platform has a challenge to combat slow ad spending expected this year as media suffers from the fall of the economic downturn. In Q3 2015, Spotify said ad-supported operating profit was 19% higher than 2021. Its paying customer base grew 13% to 195 million, but sharing costs fell afterward, hinting at broader market concern. Spotify CEO Daniel Ek admitted FY22 operating expense growth exceeded earnings by a double multiplier, a situation he calls "untenable". Full fourth quarter data is expected on.

In a lengthy explainer, Ek explained that Spotify "demands to become more efficient". While acknowledging Ostroff's contribution to the company. Among her accomplishments, Ostroff has been praised for significantly expanding Spotify's podcast catalog. "Through his efforts, Spotify grew our podcast material 40x, drove significant innovation in the Pakistan Phone Number List media, and became the leading music and podcast service in many markets ," Ek wrote. These financial investments in audio have opened up whole new opportunities for music and podcast developers and also sparked new interest in Spotify's audio advertising capability. " All the news in real time, is on L'Entrepreneur.

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