Spotify layoffs again
I love this company for the user experience and I don’t understand why this is happening … What went wrong in their business model? Will Apple Music, Tidal, Pandora take over? #tech #spotify https://www.reuters.com/technology/spotify-reduce-staff-by-17-second-layoff-this-year-2023-12-04/
Reuters
Whole media company sector among tech companies is the lowest paying among tech. Spotify sxm etc
Not true, Netflix pays handsomely
Nflx is media? Ok.
Layoffs in December? That's cold. ❄️ Five month of severance takes the edge of though.
last time they laid people off they said the avg was 5 months severance. in reality it was 2 months plus a month for every year worked. bringing the avg to 5. so it was mostly people who had been there for years.
Layoffs is a great way to get rid of pesky old timers, and their nepotism. Which Spotify is awfully known for. You don’t get in unless you have friends or family inside.
You like user experience?
Have they ever operated in the green? I always thought they were the kind of company where you crossed your fingers and enjoyed it while it lasted
Shameful, getting all the free exposure from millions and all their employees promoting wrapped last week on their personal LinkedIn only to possibly be out of a job right into the holidays. Gross.
Garbage company. December layoffs right after Spotify Wrapped, one of the lowest (or actual lowest) residuals for artists, etc.
Probably shouldn’t pay the redhead royal and the annoying princess $50MM for doing nothing next time
My buddy has been at Spotify for 5 years. He’s punching air right now given he didn’t make out fat with 8 months of severance.
CEO hires too fast in 0 interest rate environment and doesn’t want to pay staff when interest is back to normal and governments aren’t printing money. Pretty stupid. Should be fired for incompetence, not rewarded with $millions as the stock price spikes on the layoff news. Yet another company I won’t work for now that they showed how awful they really are.
We just had a second in the row profitable quarter. They layoffs are not because we are not doing well business-wise. It's just greed.
Reported profit was 32M euros lol so they weren’t exactly blowing through the numbers. The business model on the core music side is broken and podcast ad growth wasn’t as strong so this isn’t surprising unfortunately
Spotify has lost money hand over fist since it started. It's literally lost billions. Cheaply giving away other people's content isn't a way to make loads of money.