Spotify announces reduction in employee base by about 6%

In a regulatory filing, Spotify announced a reduction in the company’s employee base by about 6% across the company. The company estimates that it will incur approximately EUR 35-45 million in severance-related charges. The company also announced that, as part of a broader reorganization, Dawn Ostroff, Chief Content & Advertising Business Officer, will leave the company. Ostroff will assume the role of a senior advisor to the company to help facilitate this transition. The company also announced that, as part of such reorganization, Alex Norstrom, currently Chief Freemium Business Officer, and Gustav Soderstrom, currently Chief Research & Development Officer, will each take on additional responsibilities and be appointed as co-presidents of the company.