Spotify CFO Paul Vogel On The “Real Positive” Of The Company’s Recent Layoffs, Its Current Podcast View, Rivalry With Apple And Outlook For A “Choppy” Economy
deadline.comSpotify CFO Paul Vogel said the company’s decision several weeks ago to cut 6% of its global workforce was a “a real positive” in terms of the company being willing to take a hard look at its operations and “evolve.” Today, the company is “a more efficient business,” the exec said during a virtual appearance at the Morgan Stanley Technology, Media and Telecom Conference. “Reporting lines are more streamlined, the accountability is there.
The ability to get things done with fewer people is there. And when you become a business that’s as big as we’ve become, you sometimes have to make changes.” When Vogel started at the company seven years ago, he said, it had about 1,500 workers, compared with today’s workforce of almost 10,000.
The layoffs announced in January followed a 26% year-over-year increase in employees in 2022 compared with 2021, including the hiring of some 1,000 engineers.
Before the Q&A period with Morgan Stanley analyst Benjamin Swinburne, Vogel kicked off the session by recapping highlights from the company’s annual Stream On event, which was held earlier Wednesday.
Read more on deadline.com