Spotify will lay off around 1,500 employees to reduce costs in a third round of job cuts this year, CEO Daniel Ek said Monday as he announced a “significant” strategy shift for the music-streaming company.

Music streaming giant Spotify said on Monday that it will lay off around 1,500 employees, or 17% of its headcount, to bring down costs, after letting

Spotify will cut more than 1,500 jobs after bosses said the company had been hit by slower growth and higher interest rates. The music streaming service, which employs about 9,300 staff globally, will reduce its headcount by 17pc. Chief executive Daniel Ek confirmed the lay-offs in a statement on Monday morning.

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

Spotify recorded a profit in its latest quarterly earnings and says its number of subscribers has grown. Despite those positive results, around 1,500 employees will lose their jobs at the firm, in what will be the third round of cuts this year.

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

Spotify announced Monday it was laying off 1,500 workers in its third round of job cuts this year. The latest cuts represent about 17% of the company’s employees.

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.

In a memo addressed to staff, CEO Daniel Ek said it was necessary for the company to "rightsize" after hiring too many people during 2020 and 2021. Roughly 1,500 workers are likely to be let go.

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