Warner Music Group Announces 10% Workforce Reduction Amid Record-Breaking Quarter
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.