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Spotify boss who signed Harry and Meghan podcast quits as streaming big cuts 600 jobs

Spotify boss who signed Harry and Meghan podcast quits as streaming giant?cuts?600?jobs

A Spotify govt who signed Harry and Meghan to a multi-million pound podcast deal is leaving her job as the corporate cuts lots of of jobs.

Content material supervisor Daybreak Ostroff was the driving drive behind the shift from streaming to podcasting.

She obtained the Archetypes collection from the Duke and Duchess of Sussex in an estimated £20million deal – however saying round 600 job cuts and a administration reshuffle, chief govt Daniel Ek mentioned mentioned yesterday that Ostroff had ‘determined to depart Spotify’.

Ek mentioned: ‘Like many different leaders, I hoped to experience out the robust tailwinds of the pandemic and believed that our intensive world enterprise and decrease danger of affect from a slowdown in adverts would isolate us. Trying again, I used to be overambitious investing earlier than our income progress.

The corporate mentioned Ostroff helped broaden the podcast’s content material 40 occasions, signing main offers with Harry and Meghan and the Obamas.

In current months, the corporate mentioned cost-cutting efforts had failed to alter the dial and that extra drastic modifications had been wanted to spice up enterprise, together with “essentially altering the best way we function at Mountain peak”.

Shares of Spotify have additionally been hit by rising stress on shopper spending and a broader tech selloff, with shares down greater than 70% from highs in February 2021, dropping round £40bn from his worth.

Enders Evaluation head of analysis Alice Enders described Spotify’s job cuts as “inevitable” for a enterprise that depends so closely on promoting.

Greater than half of Spotify’s 456 million month-to-month customers pay attention without cost, which means any world promoting disaster is more likely to weigh closely on the platform.

The identical promoting stress has additionally led to huge job cuts for Meta, Snapchat and Fb-owner Twitter in current months.

PP Foresight technical analyst Paolo Pescatore mentioned job losses are merely “the flavour of the month” for tech corporations.

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