Entertainment
Spotify to sack 17% staff members
Music streaming giant Spotify said Monday it will reduce the number of its employees by around 17% in a bid to cut costs amid “dramatically” slower economic growth.
Spotify in October posted a rare quarterly operating profit of 32 million euros, compared to a loss of 228 million for the same period a year earlier, on the back of 26% growth in active users for the third quarter.
“I realise that for many, a reduction of this size will feel surprisingly large given the recent positive earnings report and our performance,” chief executive Daniel Ek wrote in a letter to employees, which was seen by AFP.
He said that in 2020 and 2021, the company “took advantage of the opportunity presented by lower-cost capital and invested significantly in team expansion, content enhancement, marketing and new verticals.”
“However, we now find ourselves in a very different environment. And despite our efforts to reduce costs this past year, our cost structure for where we need to be is still too big.”
Spotify has invested heavily since its launch to fuel growth with expansions into new markets and, in later years, exclusive content such as podcasts.
It has invested over one billion dollars into podcasts alone.
In 2017, the company had around 3,000 staff members, more than tripling the figure to around 9,800 at the end of 2022.
The company has never posted a full-year net profit and only occasionally quarterly profits despite its success in the online music market.
Kesiena Tony Adjekpovu, popularly known as Kess, has said that participating in Big Brother Naija can make life harder, offering a candid reflection on the challenges that may come with the reality television experience.
The former Big Brother Naija housemate made the comment in a statement shared on social media, where he suggested that winning or simply taking part in the reality show does not necessarily make life easier after leaving the house.
“Big Brother makes your life harder,” Kess said.
The remark has drawn attention because life after reality television can bring a different set of expectations, particularly as former housemates adjust to increased public attention and the pressure that can accompany visibility.
Kess was a housemate on the seventh season of Big Brother Naija, which aired in 2022. He entered the show as a businessman and was among the contestants who competed for the season’s grand prize.
His time on the programme also placed him in the public eye, giving viewers an opportunity to follow his personality and relationships inside the house.
Kess’s latest comment offers a more reflective view of the reality TV platform, suggesting that the experience does not end when a contestant leaves the house.
However, he did not provide further details in the available post explaining which specific aspects of life after Big Brother he was referring to.
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