Spotify (NYSE:SPOT) CEO Daniel Ek announced a workforce reduction of 17% as part of a major restructuring plan. The decision is aimed at aligning the company with future goals and creating a sustainable business model in a challenging economic environment. Despite efforts to reduce costs over the past year, Ek emphasized the necessity of becoming leaner to bridge the gap between financial aspirations and operational costs. Affected employees will receive severance pay, accrued vacation payout, healthcare coverage, immigration support, and career services.