[From ArtistRightsWatch: Editor Charlie sez: There are no words for the arrogance.]

Speaking on the company’s fourth quarter earnings call, Ek said certain mistakes were made after the company heavily invested in high-growth areas like podcasts, telling investors: “I probably got a little carried away and over-invested.”

Ek, who called out a shaky macroeconomic environment, emphasized the company will be tightening investments in 2023 across the board as the music streaming giant doubles down on streamlining efficiencies “with greater intensity.”

Read the post on Yahoo! Finance