Popular music-streaming app Spotify will lower virtually a fifth of its workforce regardless of turning a revenue of €65m (£55.7m), based on its newest figures.

The agency's newest spherical of job cuts will have an effect on round 1,500 folks - which is 17% of its present complete of 9,300 workers.

It's the third spherical of job losses on the streaming agency this yr, with 200 staff let go in June and one other 600 in January.

It's not clear what number of roles can be affected within the UK, however 881 persons are employed by Spotify within the nation, which might recommend round 150 jobs could also be in danger.

This comes after the corporate posted a revenue within the three months to September - its first quarterly revenue in a yr - after bumping up costs and reporting a progress in subscribers.

Spotify at present has 601 million customers, up from 345 million on the finish of 2020.

But its chief government, Daniel Ek, mentioned in a letter to workers the corporate employed extra in 2020 and 2021.

On Monday, he mentioned the most recent discount in workers numbers will really feel giant given the latest constructive earnings report and its efficiency.

But he added: "By most metrics, we have been extra productive however much less environment friendly. We must be each.

"We debated making smaller reductions throughout 2024 and 2025.

"Yet, contemplating the hole between our monetary aim state and our present operational prices, I made a decision {that a} substantial motion to rightsize our prices was the most suitable choice to perform our aims."

He also said the business will "construct an excellent stronger Spotify" in 2024 on account of the cuts.

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The firm will begin informing affected workers on Monday, with every individual getting about 5 months of severance pay for the severance interval.

The firm may even supply immigration assist for anybody whose visa is related with their employment.

In latest years, Spotify has invested greater than a billion {dollars} to construct up its podcast enterprise and signed up celebrities reminiscent of Kim Kardashian, Prince Harry and his spouse Meghan.

It finally hopes to succeed in a billion customers by 2030.

Content Source: information.sky.com