Overview

• Spotify's CEO Daniel Ek admitted that the December layoffs of 1,500 employees disrupted operations more than anticipated, but were essential for strategic alignment.
• The company has reported a recovery, citing a solid first quarter with strong revenue growth and the largest operating income in its history.
• Following the layoffs, Spotify saw a 19% increase in monthly active users, although it fell short of its target by 3 million.
• Ek expressed confidence in continuous improvement and robust growth for Spotify, despite a pullback in marketing spending in 2023.
• The streaming service plans to raise prices later this year, marking its first price increase in over a decade.