Spotify cuts 6% of staff, as part of the layoffs, $SPOT said it would incur between €35M and €45M in severance-related charges.

Daniel Ek said Chief Content & Advertising Business Officer Dawn Ostroff would transition to a senior advisor to the company and then leave the company.

Daniel Ek added that Spotify's Chief Freemium Business Officer Alex Norström and Chief Research & Development Officer Gustav Söderström would be promoted to co-presidents and take on additional responsibilities.