News

23404 readers

4690 users here now

Welcome to the News community!

Rules:

1. Be civil

Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.

2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.

Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.

3. No bots, spam or self-promotion.

Only approved bots, which follow the guidelines for bots set by the instance, are allowed.

4. Post titles should be the same as the article used as source.

Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.

5. Only recent news is allowed.

Posts must be news from the most recent 30 days.

6. All posts must be news articles.

No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.

7. No duplicate posts.

If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.

8. Misinformation is prohibited.

Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.

9. No link shorteners.

The auto mod will contact you if a link shortener is detected, please delete your post if they are right.

10. Don't copy entire article in your post body

For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 1 year ago

MODERATORS

781

Spotify CEO Daniel Ek surprised by how much laying off 1,500 employees negatively affected the streaming giant’s operations (fortune.com)

submitted 7 months ago* (last edited 7 months ago) by [email protected] to c/news

154 comments fedilink hide all child comments

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

you are viewing a single comment's thread
view the rest of the comments

[–] nomous 1 points 7 months ago (1 children)

Spotify’s revenues for 2023 grew 16% year over year, reaching 3.67 billion euros ($4.05 billion), as a surge in both monthly active users (up 23% to 602 million) and premium subscribers (up 15% to 236 million) beat expectations.

After a third quarter in which the streaming company turned a profit for the first time in a year, however, its operating loss was again in the red, at 75 million euros ($82.7 million), albeit better than its guidance; Spotify says that excluding one-time charges its operating profit would have been 68 million euros ($75 million), more than double the 32 million euros ($34 million) in profit it generated in the third quarter of 2023.

So 4 billion in revenue, only $75 million in profit.

These corpos love to pretend they're not profitable to attract dumb money and VC fucks. Reddit somehow wasn't profitable but managed to pay their C-suite to the tune of millions.

[–] [email protected] 1 points 7 months ago

yeah and spotify isn't profitable because of music publishers. Literally all they would have to do is start publishing in house. And they would pull in way more money.

VC does nothing but enshittify your platform, and fuck over creators/consumers.