BLUF

Despite having 226 million subscribers and 574 million monthly users, Spotify faces financial strain and intense competition in the music streaming industry.

Summary

  1. First profitable quarter since 2021.
  2. 17% cut to its workforce- around 1,500 jobs.
  3. 30% of the music streaming market.
  4. High music licensing costs.
  5. Over hiring during the pandemic.

References