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Spotify Gains 10 Million Premium Subscribers as Revenue Rises 16% in Q4, Incurs Charge for Mass Layoffs
Spotify pulled in more than new listeners than it expected for the fourth quarter of 2023, as the streamer narrowed its net loss.
Spotify pulled in more new listeners than it expected for the fourth quarter, as the streamer narrowed its net loss and took a charge related to mass layoffs at the end of 2023 to cut expenses. “I decided that a substantial action to rightsize our costs was the best option to accomplish our objectives,” CEO Daniel Ek wrote in a Dec. 4 memo to staffers. On the podcast front, Spotify has pivoted away from acquiring exclusive platform rights and instead has adopted a strategy of widely distributing shows to maximize audience reach.
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