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Spotify Latest Tech Name To Cut Jobs, Axes 6% Of Workforce

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LONDON — Spotify said on Monday that it would cut about 600 jobs or 6% of its global workforce. As the economy gets worse, more and more tech companies have to rethink their growth plans from the time of the pandemic.

CEO Daniel Ek told employees and the public about the change in a message posted online.

As part of the revamp, which includes a management reshuffle, “we’ve made the difficult but necessary decision to reduce our number of employees,” Ek wrote.

This month, big tech companies like Amazon, Microsoft, and Google announced tens of thousands of job cuts as the industry’s economic boom from the COVID-19 pandemic faded.

spotify

Spotify Benefited From The Lockdown

Stockholm-based Spotify benefited from pandemic lockdowns because more people sought entertainment while stuck at home. Ek said that the company’s business model, which had been based on growth, needed to change.

Last year, the company’s operating costs increased at twice the rate of revenue growth, a gap that would be “unsustainable long-term” in any economic climate but would be even more difficult to close in “a challenging macro environment,” he said.

Spotify recently made a “considerable effort” to cut costs, but “it simply hasn’t been enough,” he said.

“I hoped to sustain the strong tailwinds from the pandemic and believed that our broad global business and lower risk to the impact of a slowdown in ads would insulate us. “In retrospect, I was overly ambitious in investing ahead of our revenue growth,” Ek admitted.

No Exact Number Of Jobs Lost Published

That is why, he claims, the company is reducing its global workforce by about 6%. Ek did not provide an exact number of job losses, but a company spokesman said it was 600, based on the 9,808 employees listed in the company’s most recent quarterly report.

“I accept full responsibility for the decisions that brought us here today,” Ek said.

Analysts say that after years of fast growth, tech companies are having to cut jobs to get ready for a slowdown in the economy, which will mean less demand for their software, products, and services, as well as less money spent on digital ads.

Google announced 12,000 job cuts just last week, while Microsoft announced 10,000 job cuts, bringing the total number of cuts announced by Big Tech companies in January to at least 48,000.

Despite the recent layoffs, most technology companies are still much larger than they were three years ago. According to the company’s annual report for 2019, Spotify had 4,405 employees before the pandemic began.

Spotify shares rose 3.5% to $101.32 in morning trading.

SOURCE – (AP)

 

 

Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics, Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

Music

Elvis Presley Final Resting Place Graceland Facing Foreclosure

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Graceland Facing Foreclosure
Elvis Presley's Graceland Mansion: Getty Images

The Elvis Presley final resting place and renowned tourist attraction Graceland Mansion is embroiled in a legal dispute as it appears to be prepared for a foreclosure auction later this week. However, actor Riley Keough, the granddaughter of Elvis Presley, is countering this with a lawsuit alleging fraud.

The estate, constructed in 1939, is reportedly scheduled to be auctioned off on Thursday at the Shelby County courthouse in Memphis, Tennessee, as per a purported foreclosure notice.

Lisa Marie Presley, the daughter of Elvis Presley, allegedly used Graceland as collateral to secure a $3.8 million loan from Naussany Investments and Private Lending in 2018. However, she failed to repay the loan prior to her father’s death in 2017. As a result, the foreclosure is purportedly taking place.

“Daisy Jones and the Six,” a popular television series from the previous year, featured Keough as its heir.

Keough asserts in a lawsuit that Naussany Investments “appears to be a fraudulent organization established with the intention” of deceiving her family.

Graceland Never Mortgaged

Additionally, the lawsuit asserts that Keough’s mother, Lisa Marie Presley, never provided the company with a deed of trust to Graceland or “borrowed money” from them. It further claims that any documents that dispute this are forgeries.

The notary public whose name appears on the deed of trust has provided a sworn affidavit in the lawsuit, which states, “I did not notarize this document.”

Wednesday’s hearing will contemplate the aforementioned allegations, subsequent to which a temporary restraining order was reportedly issued on Monday, as stated by Keough’s counsel, as reported by the CBS affiliate in Memphis, WREG.

“You want to maintain the status quo and ensure that nothing changes; nobody should be harmed,” said legal contributor for CBS News Jessica Levinson. “And the biggest harm would come from an illegitimate sale of Graceland.”

Two individuals who appeared to be associated with the investment and lending firm responded to CBS News’ inquiries by stating that they would relay our concerns to their legal representatives.

Elvis Presley was a cultural icon

The foreclosure claims are “false,” according to a statement from Elvis Presley Enterprises, the property manager of Graceland. Elvis Presley’s ex-wife, Priscilla Presley, shared a photograph of Graceland with the caption “It’s a scam!” on social media.

In 1957, Elvis Presley Sr. purchased Graceland for $102,500 at the age of 22. The mansion was 10,266 square feet at the time of his acquisition, and Elvis acquired 13.8 acres of the farm surrounding the residence. The Graceland estate is currently 17,552 square feet in size.

In 1991, the American National Register of Historic Places included Graceland, the final resting place of Elvis Presley in 1977. Named after Grace, an aunt of one of the original proprietors, Graceland attracts more than 600,000 visitors annually.

Elvis Presley was a cultural icon who revolutionized music. He rose from humble beginnings to become the “King of Rock and Roll.” With his distinctive voice, charismatic stage presence, and blend of genres, Elvis left an indelible mark on pop culture.

His hit songs like “Jailhouse Rock,” “Hound Dog,” and “Don’t Be Cruel” still resonate today. Elvis’ impact extended beyond music—his fashion sense, dance moves, and sex appeal captivated audiences worldwide. Despite his untimely death, Elvis’ legacy continues to inspire artists and fans alike.

 

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Paul McCartney Song Starts Paralympics On 100-Day Countdown To Opening Ceremony In Paris

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AP News - VOR News Image

GENEVA – On Monday, the Paralympic Games begin their 100-day journey to the opening ceremony in Paris in August, with Paul McCartney assisting.

The former Beatles’ “We All Stand Together” — the theme song from an award-winning animated short he created and produced 40 years ago — will be featured in a promotional film for the International Paralympic Committee

“Sir Paul really understands what we stand for as a movement, and he was extremely generous to us,” IPC president Andrew Parsons told The Associated Press. “He was not difficult to convince, it was something that came very naturally.”

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AP – VOR News Image

Paul McCartney Song Starts Paralympics On 100-Day Countdown To Opening Ceremony In Paris

On August 28, 100 days from Monday, the Summer Paralympics opening ceremony will occur along a stretch of the Champs-Élysées and Place de la Concorde. Over the next 11 days, the 4,400 athletes will compete in places such as the Eiffel Tower and Versailles Palace in front of up to 2.7 million spectators.

“We probably have the most famous avenue in the world,” Parsons stated in a recent interview. “That is very exciting. The city is really supporting Paralympic athletes and athletes with impairments.”

“With our games, we talk a lot about inclusion, and this is a fantastic representation of that. That extremely inviting attitude is a great way to start our games.

A watershed moment for the Paralympic movement occurred in London in 2012 when the host country rose to the occasion with record ticket sales and a completely new approach to broadcasting by Britain’s Channel 4.

“Still the benchmark games of our movement,” added Parsons, whose native country of Brazil staged the 2016 edition in Rio de Janeiro.

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AP – VOR new Image

Paul McCartney Song Starts Paralympics On 100-Day Countdown To Opening Ceremony In Paris

Channel 4 produced the “We’re the Superhumans” musical film to promote the Rio Paralympics. The film was a landmark in terms of its high production values and inspirational imagery.

“Many broadcasters come to us in their preparations in different parts of the world and they normally ask, ‘What is Channel 4 doing?'” Parsons stated. In that vein, the IPC trailer, inspired by McCartney’s “Rupert and the Frog Song” film, follows suit.

The Paris Paralympics will record 164 broadcasters worldwide, with 549 events across 22 sports.

Beyond the field of play, the Paralympics strive to change society, particularly in the host nation—and have previously achieved this.

In France and Paris, Parsons admitted that “there is still a lot of work to be done when it comes to people’s mindsets and perceptions of people with disabilities.”

“It has progressed since they received the games in 2017, but there is still a long way to go. “And it does not end with the closing ceremony.”

Two weeks after the Paralympics end on September 8, the United Nations conducts a global gathering that Parsons hopes will spark change.

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AP – VOR News Image

Paul McCartney Song Starts Paralympics On 100-Day Countdown To Opening Ceremony In Paris

The UN will assess progress toward its 17 sustainable development objectives during the Summit of the Future, which will occur on September 22 and 23.

“We do believe our movement has, in terms of persons of disability, been a little bit left behind, if you compare to other human rights movements such as gender, sexual orientation, ethnicity,” Parsons stated. “They have become increasingly prominent in the major debates at the highest level.

“We believe that these (Paris) games will be able to really remind global leaders that there is 1.2 billion persons with disabilities out there that need to be included in those conversations.”

SOURCE – (AP)

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Diddy Won’t Be Prosecuted Over Cassie Ventura Hotel Video

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Diddy Won’t Be Prosecuted Over Cassie Ventura Hotel Video
Sean “Diddy” Combs won’t be prosecuted over a 2016 video: Image Fox News

According to the Los Angeles County District Attorney’s Office, Sean “Diddy” Combs will not face charges in connection with a 2016 video that appears to show him abusing then-girlfriend Cassie Ventura in a hotel.

“We find the images extremely disturbing and difficult to watch,” the office of Los Angeles District Attorney George Gascón posted on Instagram Friday (May 17). “If the conduct depicted occurred in 2016, unfortunately we would be unable to charge as the conduct would have occurred beyond the timeline where a crime of assault can be prosecuted.”

Combs appears to push Ventura to the ground near an elevator bank, kick her multiple times while she is on the ground, and pull her down a hallway in the footage, which CNN received on March 5, 2016.

According to the statement, law enforcement has not presented the Los Angeles County District Attorney’s office with “a case related to the attack depicted in the video against Mr. Combs, but we encourage anyone who has been a victim or witness to a crime to report it to law enforcement or reach out to our office for support from our Bureau of Victims Services.”

The video’s contents resemble an assault complaint Ventura made in a now-settled lawsuit against Diddy in November, in which she also claimed one incidence of rape and another of Combs forcing her to have sex with male sex workers while he masturbated.

“The gut-wrenching video has only confirmed Mr. Combs’ disturbing and predatory behavior,” said Ventura’s attorney, Douglas Wigdor, in a statement to Billboard. “Words cannot express the courage and fortitude that Ms. Ventura has shown in coming forward to bring this to light.”

Ventura and Combs had an on-and-off romance for 11 years until splitting in 2018. In the lawsuit, she claimed she met Combs in 2005, when she was 19 and he was 37. After signing with his Bad Boy Records company, Ventura alleged that Combs “lured” her into a sexual relationship in which he “asserted complete control” over her life.

Combs has faced four further sexual misconduct complaints after Ventura filed hers late last year. The entrepreneur resigned as chairman of his digital media business Revolt in November, and he reportedly sold his interest in the company in March. Also in March, federal officials raided Combs’ houses in Los Angeles and Miami “in connection” with a federal sex trafficking probe, CNN reported.

Combs has flatly denied all allegations of sexual assault leveled against him. “Let me be absolutely clear: I did not do any of the awful things being alleged,” he declared in a statement shared on social media on December 6. “I will fight for my name, my family and for the truth.”

Diddy

Sean “Diddy” Combs

Sean “Diddy” Combs is a multi-talented mogul who has made his mark in music, fashion, and business. Born in Harlem, he began his career as a talent director at Uptown Records. Combs later created his own label, Bad Boy Records, which launched the careers of musicians such as The Notorious B.I.G. and Mary J. Blige.

His debut album, “No Way Out,” achieved multi-platinum success, cementing his reputation as a rapper and producer. Diddy expanded his business interests, launching the apparel line Sean John and investing in beverage businesses such as Ciroc and DeLeon. With an estimated net worth of $900 million, he is one of hip-hop’s wealthiest individuals.

Combs is a presence in Hollywood, appearing in films and television series while also influencing music and society. His commercial savvy, paired with his musical talents, have elevated him to the status of rap icon.

Source: Billboard

 

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