Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The Swedish streaming company Spotify has announced that they will lay off 17% of total staff, which amounts to around 1500 employees globally. Of these 1500 layoffs, around 240 will affect Sweden, according to the Swedish Engineering union. Spotify has not yet given an official number of employees expected to be let go and has stated that the number in Sweden will be lower than 240. According to the company, the reason for these layoffs is a worsening of economic conditions and an increased demand for making profit.
According to Spotify, laid-off employees will be able to receive an average of five months' salary in severance pay, depending on their length of service. Spotify does not have a collective bargaining agreement, and according to the Swedish trade union, Unionen, representing parts of the company staff, it would have been able to better represent the employees collectively with a collective agreement in place.
The company is expecting further layoffs in 2024 and 2025. Currently, Spotify employs 1,846 employees in Sweden and 9,241 globally. This is the third wave of layoffs at Spotify this year, with the company letting Spotify 2023 - World 600 employees go in the beginning of the year as well as 200 employees in June.
Eurofound (2023), Spotify, Internal restructuring in Sweden, factsheet number 200592, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/200592.
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