Spotify to axe 17% of staff to save costs

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Swedish music-streaming giant Spotify has announced it is cutting 17% of its workforce as the company seeks to clampdown on costs.

Chief executive Daniel Ek said he had made the "difficult" decision with economic growth slowing "dramatically".

Spotify employs more than 9,000 people, and Mr Ek said "substantial action to rightsize our costs" was needed for the company to meet its objectives.

He added he understood it would be "incredibly painful for our team".

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