The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Information / Communication Publishing Of Information; Production And Programming Of Audiovisual Programming And Broadcasting Activities 60 - Programming and broadcasting activities
600 jobs Number of planned job losses
Announcement Date
23 January 2023
Employment effect (start)
23 January 2023
Foreseen end date
Description
Spotify, the Swedish music streaming company, has announced plans to lay off 600 employees from its global workforce. The company employs approximately 5400 people in USA and 1900 in Sweden. What units and where the job cuts will be made has not been announced, however, the CEO has stated that internal communication has begun. The cuts are part of a strategy to avoid further drops in Spotify's share market value as growth goals are not being met coming out of the Pandemic. In particular, as revenue has dropped significantly for the company. Spotify has announced the redundancies will amount to €35 to €45 million of severance-related charges and that employees will receive an average of five months of severance and continued health-care coverage, as well as immigration support for workers whose immigration status is connected with their employment.
Eurofound (2023), Spotify, Internal restructuring in World, factsheet number 108231, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/108231.
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