The music streaming service has expanded into podcasting and audiobooks but found it difficult to turn a consistent profit.

Music streaming giant Spotify said on Monday that it will lay off around 1,500 employees, or 17% of its workforce, to bring down costs, after letting 600 of its staff go in January, and 200 more in June.

Spotify employees will be made redundant as CEO Daniel Ek announces lay-offs are required to "substantial action to rightsize costs" at the streaming company.

Spotify axes 17% of workforce in third round of layoffs this year - Spotify says it’s axing 17% of its global workforce in the music streaming service’s third round of layoffs this year

Music streaming giant Spotify said on Monday that it will lay off around 1,500 employees, or 17% of its workforce, to bring down costs, after letting 600 of its staff go in January, and 200 more in June.

Spotify has announced a third major round of staff cuts this year. The music streaming giant said on Monday that it will lay off about 1,500 employees, or 17 percent of its headcount, to bring down costs.

Music streaming giant Spotify said Monday it would reduce its number of employees by around 17 percent in a bid to cut costs amid "dramatically" slower economic growth.Ek said the company now finds itself in a very different environment,