![]() ![]() The company will give severance pay “with the average employee receiving approximately five months of severance,” as well as continued health care coverage during that time. “I take full accountability for the moves that got us here today.”Įk said Spotify is committed to ensuring that all impacted employees are treated fairly on their departure. And for this reason, today, we are reducing our employee base by about 6% across the company,” Ek said in the memo. “In hindsight, I was too ambitious in investing ahead of our revenue growth. Founded in 2006 by Ek and Martin Lorentzon, the company has grown immensely over the years, with over 456 million monthly active listeners.Įk posted an update on the Spotify blog Monday morning stating the changes that would be taking place within the company. The Swedish media streaming giant is one of the largest providers of its kind. The cuts are a result of economic challenges related to the pandemic, Ek said. The company has a major announcement scheduled for May 20 in New York City.Spotify CEO Daniel Ek announced Monday that the company plans to lay off about 6% of its workforce, or roughly 600 employees. Spotify could be adding video content to its service as well. Tidal has also announced a Discovery program to highlight independent and rising artists. Jay Z’s platform currently provides streaming of movies, live concerts, and video premieres. Tidal currently has around 700,000 paid subscribers. Over 10 million people are paid subscribers to Spotify with 30 million active users of the free option. According to people in attendance, Lorentzon responded by saying, “I’ve got 99 problems – and Jay Z ain’t one.” The executive was asked if he was worried about the rise of Tidal. ![]() Spotify’s chairman, Martin Lorentzon, spoke at the STING Day conference in Stockholm, Sweden last week. ![]() However, Tidal has gained attention for its exclusive content and its payout rate to artists which is reportedly close to four times the rate of Spotify. The streaming company that was purchased by Jay Z earlier this year has had a rough start after its relaunch in March. (AllHipHop News) Industry leader Spotify does not seem to be too concerned about new competitor Tidal. ![]()
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