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		</div><p>Music streaming service Spotify has said it is cutting 6 per cent of its global workforce, becoming the latest tech company to resort to lay-offs as the post-pandemic economic outlook weakens.</p>
<p>Chief executive Daniel Ek announced the restructuring in a message to employees that was also posted online.</p>
<p>Mr Ek wrote that as part of the revamp involving a management reshuffle, “and to bring our costs more in line, we’ve made the difficult but necessary decision to reduce our number of employees”.</p>
<p>Big tech companies like Amazon, Microsoft and Google announced tens of thousands of job cuts this month as the economic boom that the industry rode during the Covid-19 pandemic waned.</p>
<p>Mr Ek said Stockholm-based Spotify was no different.</p>
<p>He said the company’s operating costs last year were double its revenue growth, a gap that would be “unsustainable long-term” in any economic climate, but even more difficult to close with “a challenging macro environment”.</p>
<p>Spotify benefited from pandemic lockdowns because more people had sought out entertainment when they stayed at home.</p>
<p>“I hoped to sustain the strong tailwinds from the pandemic and believed that our broad global business and lower risk to the impact of a slowdown in ads would insulate us. In hindsight, I was too ambitious in investing ahead of our revenue growth,” Mr Ek said.</p>
<p>He added that this why the company is cutting its global workforce by about 6 per cent, without giving a specific number of job losses.</p>
<p>Spotify reported in its latest annual report that it had about 6,600 employees, which implies that 400 jobs are being axed.</p>
<p>“I take full accountability for the moves that got us here today,” Mr Ek said.</p>
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