When Spotify announced its largest-ever round of layoffs in December, CEO Daniel Ek hailed a new age of efficiency at the streaming giant. But four months on, it seems he and his executives weren’t prepared for how tough filling in for 1,500 axed workers would be.
The music streamer enjoyed record quarterly profits of €168 million ($179 million) in the first three months of 2024, enjoying double-digit revenue growth to €3.6 billion ($3.8 billion) in the process.
However, the company failed to hit its guidance on profitability and monthly active user growth.
Edit: Thanks to @[email protected] for the paywall-free link: https://archive.ph/wdyDS
Meanwhile, same CEO goes and renews Joe Rogan’s contract for like $250 Million.
Solved the problem for you, Daniel.
Not really because it’s not like they are handing that contract to him out of charity, they know he is a huge draw and so if they don’t keep him on, they lose subscribers (and not growing enough was the reason they gave for the layoffs, so losing subscribers because they lose Joe rogan would only exacerbate the reasons for the layoffs).
But I understand that this is about virtual signalling the safe opinion that you hate Joe rogan, and has nothing to do with critically thinking about this.
Virtue signaling is so lame. I wonder if people even realize the cost they’re incurring to themselves when they always say the safe thing.