Restructuring events
European Restructuring Monitor (ERM)
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.
Spotify, the Swedish music streaming company, has announced plans to lay off about 1,500 employees from its global workforce. In Sweden, the programme will affect 240 positions.
The cuts are part of a cost-saving programme to avoid further drops in Spotify's share market value as growth goals are not being met coming out of the COVID-19 pandemic. In 2023, the company previously cut about 6% of its workforce in January and another 2% in June.
Founded in 2006, Spotify is one of the largest music streaming service provider, with a total availability in 184 markets. The company employs more than 9,000 people worldwide. Its offices are located in Sweden, Belgium, Canada, Denmark, Germany, Finland, France, India, Israel, Italy, Mexico, the Netherlands, Spain, the United Kingdom and the United States.
The previous global restructuring event has been recorded in the ERM events database Spotify-2023-WO.
Eurofound (2023), Spotify, Internal restructuring in World, factsheet number 200594, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200594.