When Spotify announced its largest-ever round of layoffs in December, CEO Daniel Ek hailed a new age of efficiency at the streaming giant. But four months on, it seems he and his executives weren’t prepared for how tough filling in for 1,500 axed workers would be.
The music streamer enjoyed record quarterly profits of €168 million ($179 million) in the first three months of 2024, enjoying double-digit revenue growth to €3.6 billion ($3.8 billion) in the process.
However, the company failed to hit its guidance on profitability and monthly active user growth.
They actually offer an inferior platform compared to other music streaming services. You can get way more stuff on SoundCloud for a similar price, or way better audio quality on Deezer or Amazon/Apple music, for a mark up. It’s honesty kindaastonishing just his popular Spotify is compared to what they offer…