Spotify shares surged over 7% on Monday following the announcement that the music streaming giant will be reducing its workforce by 17%. In an email to staff, CEO Daniel Ek explained the move, stating, “We are taking substantial action to rightsize our costs.” Ek acknowledged that Spotify had overexpanded its team during 2020 and 2021 when capital was abundant.

This round of layoffs, approximately 1,500 jobs, reflects Spotify’s effort to adjust to a growth slowdown. Although Spotify reported a profit of 65 million euros ($70.7 million) in the third quarter, Ek highlighted the need for the company to address economic challenges and the rising cost of capital.

Spotify announces a layoff of 17% of its workforce in its effort for profitability following Taylor’s Swift $100 million payout from song streams.

In an internal memo posted on Spotify’s website, Ek expressed the company’s commitment to becoming the world’s leading audio company while ensuring consistent profitability and growth. The layoffs come despite Spotify’s strategic moves, including subscription plan price increases and expansion into podcasts and audiobooks.

This recent workforce reduction follows previous cuts earlier in the year, with Spotify trimming 6% of its workforce in January (around 600 employees) and an additional 2% in June (approximately 200 roles). Despite these adjustments, Spotify’s shares have more than doubled in value throughout the year. Wells Fargo analysts suggest that these layoffs signal Spotify’s focus on achieving profitability targets rather than merely reacting to economic challenges, estimating a potential nearly 2% reduction in operating expenses by 2024.

Sea Girls have just released their infectious new single, “Young Strangers.” Reminiscent of Neon Trees, the song blends alternative rock, new wave, and pop, delivering a classic pop sound.

The track, co-written with Kid Harpoon, the producer of Harry Styles’ “Harry’s House,” titled “Young,” could find a home on Spotify’s playlists such as Rock This, Indie Rock Road Trip, All New Rock, and Indie Rock Revolution.

The track comes off their third studio album. Frontman Henry Camamile explains the song’s meaning, stating, “Young Strangers’ is about seeing the similarities between two people who have just met. They get talking about their lives, about how they want to prove themselves and find purpose with a desperate need to get out of life’s daily rut. Never met before they realise they’re navigating the same feelings in the world and so are not young strangers anymore.”

Check out East Harbor‘s new track “Exosphere“. Fans of folk-rock Americana and indie rock will love the blend of The Lumineers and Monsters.

Their latest release, Exosphere, sheds light on mental illnesses like anxiety and depression.

“It’s been pretty surreal, just the progress and everything we’ve made in the past nine years,” band member Robby Savage, who plays guitar for the group, said. “Life is good.”

East Harbor is a band from Florida’s Treasure Coast, consisting of Josh Dobson (Vocals), Robby Savage (Guitar), David Gonzales (Bass), and Cory Kouns (Drums). They started playing together in 2014 and have refined their style through numerous live shows. With their distinct and energetic vibe, they have become the ultimate party band in Florida.

They released “Lucid” in February 2019 and “R.W.I.B.” in April 2019, earning praise from fans and music blogs. In December 2019, they debuted “Highlight of My Week,” followed by “Miss the Old You” in March 2020.

Check out Heather Sommer’s track “My Mind Makes Me.” It’s perfect if you’re in the mood for something fun and quirky, with a nice blend of autotune.

The track could be added to Spotify’s Chill Hits: Lo-Fi Beats, Indie Pop, Bedroom Pop, Study Break, and Just Chill playlists.

Heather explains the second verse,”The lyric ‘cause they say when you break just fill the gaps with gold like a shattered piece of glass’ was inspired by the Japanese artform of ‘kintsugi’. I found it incredibly beautiful. They repair pieces of broken pottery by using gold or silver, and in doing so it makes the piece even more beautiful than before. The minute I found out about that technique, I knew I had to put it into a song at some point and I’m so excited that this was finally the song it wound up fitting into perfectly.’”

Heather crossed the 100 million streams threshold on Spotify and has amassed an impressive 567K monthly listeners. Her latest release, ‘my mind makes me,’ is a powerful blend of emo guitar pop with a touch of raw emotions that brings back the 2000s vibes. If you are a fan of Halsey, Demi Lovato, or Avril Lavigne, then you would definitely love this song!

Morgantown has released “The Door,” a dreamy and melancholic song reminiscent of 90’s band The Sundays. It’s perfect for a rainy day or for staring at a starry sky on a clear night.

The song could find a spot on Spotify’s Dreamy & Distorted Dreamy Indie, Dream Pop, Dreamy Vibes, and Dreamy Acoustics.

The song was produced by Dan Kalisher, a multi-instrumentalist who has worked with Noah Cyrus and Grace Potter. He also played pedal steel, bass, and percussion on the track. Morgantown is a duo based in Los Angeles, comprising Kendra Celise and Paige Shannon. Celise, who is from Covina, CA, has a background in performing arts. After years of honing her skills in Nashville and LA, her song “Worry Bout You” went viral on TikTok in 2022, garnering over 1.5 million views. Shannon, is from San Fernando Valley and has self-released several EPs. She won the Best Original Song award at the Queen Palm Film Festival for her composition “The Way the World Works,” which was featured in the independent film “Relish.”

Morgantown describes “The Door” as their pre-breakup song, delving into the complexities of love and the haunting realization that most relationships don’t work out, despite how much you sincerely want them to .The duo is working on their debut EP and playing shows in the Los Angeles area.