In a memo to staff, co-founder Mattias Hjelmstedt writes the fintech firm is doing "what is necessary to secure the future of the company."
CEO Robert Kyncl said the company would be “reallocating resources towards new skills for artist and songwriter development and new tech initiatives.”
The cuts hit the company's CD Baby, Downtown Publishing, Songtrust and DMH divisions with many affecting publishing-related roles.
The cuts, which will hit the company's cloud computing unit, ad business, Twitch and more, mark Amazon's second round of layoffs this year.
The company previously announced 11,000 job cuts in November.
Among the impacted employees: Steve Leeds, a vp who developed the satellite radio company's artist branded stations like E Street Radio.
The satellite radio giant says layoffs will impact 475 employees across nearly every department.
The label is being reincorporated under Capitol Music Group after a short period as a standalone company.
The chief content and ad business officer is transitioning to an adviser role as the audio company reorganizes its leadership ranks.
Spotify employees were alerted this morning to the news that the company would be slashing its workforce to offset higher costs in 2022. “To offer some perspective on why we are making this decision, in 2022, the growth of Spotify’s OPEX outpaced our revenue growth by 2X,” CEO Daniel Ek wro
