As users share their 2023 Spotify Wrapped to social media, celebrating and boasting how much Taylor Swift they’ve listened to this year, the music streaming company has announced cuts to 17% of its workforce. Despite Spotify reporting its first quarterly profit since 2021, CEO Daniel Ek announced Monday, Dec. 4, that layoffs are coming for about 1,500 people.

“To align Spotify with our future goals and ensure we are right-sized for the challenges ahead, I have made the difficult decision to reduce our total headcount by approximately 17% across the company,” Ek said. “I recognize this will impact a number of individuals who have made valuable contributions. To be blunt, many smart, talented and hard-working people will be departing us.”

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It marks the latest round of layoffs in Spotify’s ongoing battle to become profitable; the company let go about 800 workers already this year. In June, the company announced it was consolidating its podcast division, cutting about 200 jobs in a division in which it had recently invested heavily.

Ek told employees the increase in interest rates and the need to restructure to close the gap between the company’s financial goals and operational costs were reasons for the latest round of layoffs.

“Economic growth has slowed dramatically and capital has become more expensive. Spotify is not an exception to these realities,” Ek said.

Ek added that those who lose their jobs will receive approximately five months of severance pay and benefits.

“I know you will all be anxious to hear the next steps about how this process will work. If you are an impacted employee, you will receive a calendar invite within the next two hours from HR for a one-on-one conversation,” Ek said.

Spotify isn’t alone in slashing jobs; this year, major layoffs swept across the tech industry. Meta, Amazon, Google, Microsoft and IBM announced hundreds of thousands of layoffs in 2023.