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Spotify turns up volume to make record profits
The music streaming service reports record profits of over €1bn (£860m) after laying off 1500 staff.
Music streaming giant Spotify has announced record profits of over €1bn (£860m) after a year of cutting costs and laying off staff. Spotify's CEO Daniel Ek said last December about 1,500 jobs would be axed as part of "substantial action to rightsize our costs" so that the company could meet its objectives. It invested over a billion euros to build up its podcast business, including spending hundreds of millions for popular shows such as the"The Joe Rogan Experience".
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