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Spotify sets to sack 17% staff members

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Music streaming giant Spotify said today it will reduce the number of its employees by around 17% in a bid to cut costs amid “dramatically” slower economic growth.

Spotify in October posted a rare quarterly operating profit of 32 million euros, compared to a loss of 228 million for the same period a year earlier, on the back of 26% growth in active users for the third quarter.

“I realise that for many, a reduction of this size will feel surprisingly large given the recent positive earnings report and our performance,” chief executive Daniel Ek wrote in a letter to employees, which was seen by AFP.

He said that in 2020 and 2021, the company “took advantage of the opportunity presented by lower-cost capital and invested significantly in team expansion, content enhancement, marketing and new verticals.”

“However, we now find ourselves in a very different environment. And despite our efforts to reduce costs this past year, our cost structure for where we need to be is still too big.”

Spotify has invested heavily since its launch to fuel growth with expansions into new markets and, in later years, exclusive content such as podcasts.

It has invested over one billion dollars into podcasts alone.

In 2017, the company had around 3,000 staff members, more than tripling the figure to around 9,800 at the end of 2022.

The company has never posted a full-year net profit and only occasionally quarterly profits despite its success in the online music market.

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JUST IN: Mr Ibu is dead

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John Okafor, the ace Nollywood actor popularly known as Mr Ibu, has passed away.

In October last year, the ace actor revealed he was battling with a life-threatening illness.

Ibu, who spoke from a hospital bed, also cried out for financial assistance over the medical condition.

The film star’s plight prompted calls on social media for the Actors Guild of Nigeria (AGN) to assist one of its own.

Several people announced their donations to the ailing actor, including the Abubakar Bukola Saraki (ABS) Foundation, which revealed it “paid the entire medical expenses of Ibu”.

On November 6, Ibu’s family revealed that the actor’s leg had been amputated after undergoing seven surgeries. He, however, remained in the hospital where had been recuperating.

The 63-year-old actor had delved into acting since the early 2000s but rose to fame for his role in the movie ‘Mr Ibu,’ which was released in 2004.

He also featured in a plethora of movies such as ‘Coffin Producers’, ‘Husband Suppliers’, ‘International Players’, ‘Mr.Ibu in London’ and ‘Police Recruit’

Ibu was well known for renowned for his comedic roles and he earned several nominations and awards for his craft.

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Chef Smith’s cook-a-thon attempt surpasses 700 hours

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In an extraordinary feat of culinary endurance, Chef Smith has captivated the world with a marathon cook-a-thon that has surpassed a staggering 700 hours.

He embarked on this culinary journey to break records, showcase his culinary prowess, and inspire food enthusiasts globally.

Chef Smith’s cook-a-thon commenced with an ambitious goal on February 1st to create an immersive culinary experience that would challenge his limits and captivate audiences worldwide.

Throughout this remarkable challenge, several celebrities, including Nana Ama McBrown, Clemento Suarez, Kwaku Manu, SDK, and OB Amponsah, have made appearances at the Amadia Shopping Centre in Spintex to express their support for the chef’s incredible feat.

The event has unfolded in a public setting, allowing enthusiasts and onlookers to witness the evolution of Chef Smith’s culinary creations in real-time from intricate appetizers to elaborate main courses and delightful desserts, the marathon has showcased a diverse array of dishes, revealing the chef’s versatility and creativity.

Chef Smith is expected to wrap up his extraordinary undertaking on March 6, 2024.

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Mavin records signee Bayanni speaks on how he survived a near-death experience

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Mavin Records signee Bayanni has detailed an experience from childhood in which he unknowingly ingested kerosene, which left him with coloured teeth.

Speaking on the recent episode of the Menisms Podcast, the singer recalled the incident from years before.

“I gave my parents a lot of trouble when I was growing up. When I was really small, when I couldn’t walk, my mum left me in the kitchen. She was about to put the lantern on, so she poured the kerosene inside a small cup and then she put it beside the lantern and left to do something. She came back and found out that the kerosene she had poured in the cup was empty because I drank everything to the last drop. She didn’t even know because I was still sitting there, keeping my cool. She didn’t even know because I was still sitting there, keeping my cool,” he said.

He said that his mother was unaware of the situation at hand until she noticed that he had began to have hiccups.

“It was when she smelt my mouth that she realised, and my dad wasn’t around that time so there was nobody to calm her down so she drove to the hospital like a mad person,” he revealed.

The singer revealed that the first hospital they went to refused to treat him because he was “too small” and urged his mother to “let it go because there was nothing they could do.”

Concluding his story, he said, “Then she took me to another hospital and the doctor was a pastor who assured her that they’d revive me and they did. But I had other issues like my teeth colouration and I’ve had this teeth colouration since then.”

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