In its latest results, Spotify had reported a profit of €65m (£55.7m) for the three months to September – its first quarterly profit for more than a year – helped by price rises and higher subscriber numbers. The tech company has been expanding worldwide as it seeks to reach a billion users by 2030. Since it launched, Spotify has spent a lot of money on growing the business, and in securing exclusive content, such as podcasts created by the likes of Michelle and Barack Obama as well as the Duke and Duchess of Sussex. Swedish music-streaming giant Spotify has announced it is cutting 17% of its workforce, about 1,500 jobs, as the company seeks to clamp down on costs. Is the world economy receding ?
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