“In hindsight, I was too ambitious in investing ahead of our revenue growth. And for this reason, today, we are reducing our employee base by about 6% across the company.”
Spotify’s operating expenses grew twice as fast as revenue in 2022. Daniel Ek takes “full accountability,” cuts about 6% of staff, and hands day-to-day running to two new co-presidents so he can spend more time on “the future of Spotify.” Accountability at the top means a smaller job with the same title. The 6% get the other kind.