Spotify will cut more than 1,500 jobs after bosses said the company had been hit by slower growth and higher interest rates.
The technology firm said it will axe 17% of its workforce to be more efficient in the face of slower growth.
Spotify will axe almost a fifth of its workforce after warning that economic growth has slowed and that the group needs to “rightsize” its costs. In a memo to staff on Monday, chief executive Daniel Ek said Spotify would cut about 17 per cent of its global workforce. Spotify employs more than 9,000 people worldwide.