Spotify will axe around 1,600 jobs in cost-cutting effort

The music streaming business told staff it is letting go 17 per cent of its workforce

The firm’s founder, Daniel Ek, said that “many smart, talented and hard-working people will be departing us”.

Spotify, the music streaming platform, is to cull staff numbers by almost a fifth in a move affecting about 1,600 posts.

In a note to staff, bosses said the firm staff will axe 17 per cent of its workforce in a bid to be more efficient in the face of a growth slowdown. The company employs around 9,300 people globally.

“Considering the gap between our financial goal state and our current operational costs, I decided ...