Spotify cuts almost 1,600 jobs amid rising costs

Music streaming service axes 17% of workforce in latest round of redundancies at big tech companies

Spotify is cutting almost 1,600 jobs as the music streaming service blamed a slowing economy and higher borrowing costs in the latest round of redundancies at big tech companies.

Daniel Ek, Spotify’s billionaire founder and chief executive, revealed that the company had decided to cut 17% of its workforce, the third and steepest round of redundancies of 2023.