Music streaming giant Spotify is cutting 1,500 jobs, or 17% of its workforce, in its third round of layoffs this year. The cuts come as the company tries to control costs and turn a profit.
“To align Spotify with our future goals and ensure we are right-sized for the challenges ahead, I have made the difficult decision to reduce our total headcount by approximately 17% across the company. I recognize this will impact a number of individuals who have made valuable contributions. To be blunt, many smart, talented and hard-working people will be departing us,”
Spotify CEO Daniel Ek
The layoffs are the latest in a series of cost-cutting measures by Spotify. In January, the company cut 600 jobs. In June, it cut another 200 jobs.
Spotify has also been raising prices in recent months. In the United States, the price of a premium subscription increased from $9.99 per month to $10.99 per month.
