Spotify is set to axe around 1,500 jobs globally in order to “cut costs”, the streaming platform’s CEO, Daniel Ek, has said.

Ek said that he made the “difficult decision” to cut job posts across the world with economic growth slowing, which would result in the loss of 17% of Spotify’s staff.

Spotify, which employs around 9,300 people globally and around 881 people in the UK, has a market cap of $35.25 billion as of December 2023, according to Companies Market Cap.

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