"Warner Music Group to Cut 10% of Staff Amid Record-Breaking Quarter"
Warner Music plans to lay off 10% of its staff, or 600 people, in a move to reinvest savings and accelerate growth, following a record 11% revenue growth for the quarter ended Dec. 31, 2023. The layoffs will primarily affect the company’s owned and operated media properties, and come amidst a challenging time for the music industry and entertainment sector. The move reflects broader restructuring in the industry, as the streaming boom levels off and companies adjust to post-pandemic changes. CEO Robert Kyncl outlined the company's plan to free up funds for investment in music and accelerate growth for the next decade, emphasizing a focus on engaging with music, increasing its value, and evolving how the company works.
