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
Next time axe the executives and keep the staff.
Most executives I’ve met can’t read emails and just point to one of two numbers and say “higher/lower!” while dreaming of KPI’s that don’t improve anything and solely exist to stagnate wages
It’s that or they think they can simply replace people with AI and call it good
People keep trying to paint every CEO as this smart and hardworking class of people. We continue to see it isn’t true.
There are a lot of smart hardworking CEOs. But none of them ever seem to get to this level. At some line in the sand CEOs just become idiots playing chess (poorly) from their yachts.
Good leaders that care about their company seem to universally get pushed out at IPO.
Once a company is publicly traded it can easily pervert the incentives so that the goal of the CEO becomes to enrich the investors as quickly as possible even at the expense of long term benefit, because stock price and investor satisfaction become the factors contributing most to executive compensation. A CEO who doesn’t care about maximizing their own compensation in favor of employee welfare or company long term success doesn’t keep the support of investors for very long either.
well ya, the very nature of the shareholder system demands short term profits, the rug pull has become the industry norm, dismantle the company to make your numbers seem better, inflating value, and sell before it collapses, find your next
victim“investment opportunity” and repeat
The CEO is just a position that tells everyone that you’ve lied to people, deceived your close ones, pulled off underhanded tactics and more to get to where you are. Now you’re the top of the level shithead who makes money doing fuck all except write or say things for PR clout.
Daniel Ek founded the company. He got to where he’s at by having lots of money. He got that money to found Spotify by being hired into other companies which were acquired. You’re describing “Executive Vice Presidents” that were promoted from within.
You do have to be hard working to be CEO, there’s just a ton of stuff that needs to be handled around a company at all times. But they are not uniquely smarter or have better decision making skills than other people. A good CEO will understand that they don’t know everything and surround themselves with experts to help them with decision making instead of thinking they know better.
That’s not to say that workers aren’t necessarily equally as hard working, especially when your asshole CEO fires a ton of your coworkers and expects you to pick up the slack.
People tend to hero worship others who don’t deserve to be.
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What an incredible website. Use of page you go to read their privacy policy is blocked by the popup that requires you to accept their privacy policy before continuing to use their site.
Oh no, a leopard ate my face!
Another psychopathic CEO doesn’t really understand how things work. How many times have I encountered these clueless little dictators? When you are working for one they constantly fuck up and always blame someone else.
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Oh, so that’s why app is getting shittier.
HAHAHA I’m so glad I was one of them customers that stopped subscribing right at that parabolic curve. Eat it you nasty Joe rogan loving Covid denying fucking dirtbags. you fucking deserve it.
Gasp - it’s almost like these jet setting CEOs just don’t know that much about their day to day operations. Maybe they should spend less time tongue fucking each other for being “captains of industry” and more time doing the actual job they are paid obscenely for. They are supposed to ensure the company is running properly, not just push up the stock price.
Actually that’s a really good point. Apart from any glaring ethical concerns one might have about this kind of thing, it’s not a terribly good way to run a business. Man do these folk ever like finding a nice new way to shoot themselves in the foot 🤦♂️
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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.
Nothing about virtue signaling, you rogan dick sucking fanboy.
How would you feel if you worked for Spotify and your job got axed because some dude your company decided to pay loads to, got more money and suddenly there had to be cutbacks? I bet you’d love that. I bet you’d love the idea of being homeless, no food on the table because you feel that guy “earned it” when you know they probably didn’t in any way. That’s how much of a cuck that you are.
I haven’t listened to a minute or second of Joe Rogan in my life. What I see on the table here and what I’ve read in this article, tells me it’s wrong just by default. Must be nice living such a delusional life like yours over there. I bet you’re the kind of person that voted Trump “CUZ DUH POPULAR VOTE SAID MORE THAN ELECTORAL HUHUHUHU!”
Nothing about virtue signaling, you rogan dick sucking fanboy.
You’re level of critical thought is so low that you think recognizing that he is popular is the same as liking him. You can’t possibly imagine a non black and white world where someone would disagree with your mindless position, but at the same time not be a fan of rogan. I personally think the guy is a dope.
But, of course, your position is indefendible, so all you have is childish personal attacks…so.you took a shot in the dark as to what type of person I am…and missed embarrassingly.
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.
December 2023:
“Economic growth has slowed dramatically and capital has become more expensive. Spotify is not an exception to these realities,” Ek wrote in a letter to staff posted to the company’s website.
Today
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.
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Anyone know a good service I can switch to instead? (Besides fkn youtube services?)
what music don’t they have that you’re after??? i dont think i’ve ever NOT found something i was looking for on Spotify.
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Anything specific?
I doubt they will return with anything specific or it will be something EXTREMELY niche, local band type stuff. Spotify has an extremely broad range of music. There are a few notable exceptions are Garth Brooks (where are the bodies Garth?!) and Neil Young.
People with no concept of what “institutional memory” means have no business running a business.
What’s Spotify?
Some kinda laundry thing?
/s
Yeah it’s one of those color bleach pens you use to get coffee stains out, no source.
Oh, I wasn’t aware of that.
For the last couple of years I’ve been “flirting” with Spotify. It would offer me 3 months of premium for the price of one, I would take it and cancel immediately so I don’t forget.
Then lived the happy pirate life for six months or so, and Spotify would come in with the offer. Last time the price was higher but I said what the hell…
Now with this post I was about to uninstall, but I read some comments about services that transfer your playlists, so first things first :))
I’ve just used modded Spotify clients that give me premium for free for a long while now. Not sure if iPhones have an option like this, but there is an option on both Android and Windows.
That’s cool, I’m on Android and PC. But I don’t think I’ll go that way. I want to let Spotify die after these more than red flags.
Understandable, but I’ll be real, I don’t see it ever happening in our lifetime. Much like YouTube, nothing they do seems to cause them any meaningful backlash. The CEO could come over and personally shit in somebody’s food, and they would probably continue paying for premium.
Of course this is true. But I don’t think corporations die that way. More likely they will keep going with this culture, firing more/getting fewer employees, their product will get shittier and shitter, and more competition will fill the gaps, until they fight with one for the monopoly.
All this somewhere near the unsuspecting pirates 😅
I just use YouTube. It has pretty much all the music I want and a lot more that I don’t.
I use YouTube too. But I’m not satisfied with the recommendation system - at all.
You don’t like being suggested a near Nazi level conservative “comedian” when you just wanted to listen to Taylor Swift?
