CEO Daniel Ek announced the restructuring in a message to employees that was also posted online.
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Stockholm-based Spotify had benefited from pandemic lockdowns because more people had sought out entertainment when they were stuck at home. Ek indicated that the company's business model, which had long focused on growth, had to evolve. "I hoped to sustain the strong tailwinds from the pandemic and believed that our broad global business and lower risk to the impact of a slowdown in ads would insulate us. In hindsight, I was too ambitious in investing ahead of our revenue growth," Ek said.
After years of heady growth, analysts say tech companies are being forced to cut jobs in preparation for an economic dowturn that’s likely to cut demand for their software, products and services and reduce digital ad spending.
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