Spotify cuts 6% of workforce, content chief to depart as CEO Ek stresses ‘efficiency’

Layoffs have hit music streaming giant Spotify (SPOT).

The company announced plans to cut 6% of its workforce, or about 600 employees, early Monday, a move that comes after a challenging 2022 for the business that saw Spotify stock lose more than two-thirds of its value.

In addition to staff cuts, Spotify announced an executive reshuffling, with Gustav Söderström and Alex Norström moving to the position of co-presidents.

Söderström will also serve as the company’s chief product officer;…

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