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Spotify CEO Daniel Ek surprised by how much laying off 1,500 employees negatively affected the streaming giant’s operations (fortune.com)

submitted 6 months ago* (last edited 6 months ago) by wanderingmagus@lemm.ee to c/nottheonion@lemmy.world

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cross-posted from: https://lemm.ee/post/30272690

When Spotify announced its largest-ever round of layoffs in December, CEO Daniel Ek hailed a new age of efficiency at the streaming giant. But four months on, it seems he and his executives weren’t prepared for how tough filling in for 1,500 axed workers would be.

The music streamer enjoyed record quarterly profits of €168 million ($179 million) in the first three months of 2024, enjoying double-digit revenue growth to €3.6 billion ($3.8 billion) in the process.

However, the company failed to hit its guidance on profitability and monthly active user growth.

Edit: Thanks to @Zerlyna@lemmy.world for the paywall-free link: https://archive.ph/wdyDS

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[–] wanderingmagus@lemm.ee 5 points 6 months ago* (last edited 6 months ago) (1 children)

Reject streaming, return to mp3? Although I know storage is always an issue these days.

Edit: I'm hearing really great things about Tidal, which is apparently cost-competitive for music, and Deezer, which also does podcasts, if you're set on streaming.

[–] peteypete420@sh.itjust.works 3 points 6 months ago

Yea I don't think I can go back to any type of storage based music. Tidal is what I have been looking at, was bought to my attention a little while ago. I'll check put deezer too.