Warner Music Group Announces 10% Workforce Reduction Amid Record-Breaking Quarter
TL;DR Summary
Warner Music Group reported its highest quarterly revenue ever, up 17% to $1.75 billion, but CEO Robert Kyncl announced a 10% staff reduction, about 600 people, to free up $200 million in cost savings for reinvestment in the company, with much of the reduction coming from owned media properties and corporate roles. Kyncl emphasized the move is from a position of strength and aims to increase funding behind artists and songwriters, new skill sets, and tech, to align with the evolving music industry.
Topics:business#business#ceo-announcement#investment-in-music#quarterly-revenue#staff-reduction#warner-music-group
- Warner Music Group Just Had Its Biggest Quarter Ever. Now It’s Reducing Staff by 10% to Invest More in Music Billboard
- Warner Music to cut 600 jobs, or 10% of staff CNBC
- Warner Music to lay off 10% of workforce as part of restructuring plan MarketWatch
- Warner Music Group Plans to Lay Off 600 Employees Hollywood Reporter
- Warner Music Layoffs: 600 Jobs Being Cut As Company Aims To Sell Uproxx Forbes
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