Spotify Lays Off 6% of Global Workforce as Content and Ad Business Chief Dawn Ostroff Departs

The audio streaming service now has 205 million paying users, but it’s still losing money and and it’s banking that diversifying audio formats will change that

Spotify’s podcasting business has generated endless bad press for the Swedish music streamer: the Joe Rogan controversy, layoffs and cutbacks at its studios and the departure of a key executive. But its latest earnings report flipped the script, with CEO Daniel Ek crediting podcasts with retaining paying customers and helping steer the money-losing company on a path to profit.

The company presented its podcasting business as flourishing in a presentation Accompanying the earnings release, noting that podcasts drove a 14% increase in advertising revenue. Podcasts, Ek told analysts on a call Tuesday, increased retention: “And as that happening, it is impacting our business.”

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