All articles tagged with #warner music group
Warner Music Group is laying off 10% of its workforce, approximately 600 employees, with a focus on its owned and operated media properties including Uproxx and HipHopDX, seeking buyers for the platforms while shutting down IMGN and Interval Presents. The company expects to achieve annual cost savings of around $200 million from the downsizing.
Warner Music Group plans to lay off about 600 employees, representing 10 percent of the company, in an effort to free up more funds for music investment over the next decade. The majority of impacted staffers will be at the company’s owned and operated media properties, corporate and various support functions. CEO Robert Kyncl stated that the plan is expected to result in savings of approximately $200 million by the end of fiscal year 2025, and the company is also exploring the potential sale of certain media properties and winding down others.
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.
Megan Thee Stallion has signed a groundbreaking new deal with Warner Music Group that allows her to maintain independence as a musician while leveraging the label's global resources, retaining full ownership of her masters and publishing. The deal comes after a legal battle with her former label, 1501 Certified Entertainment, and is seen as a significant shift in the music industry, empowering independent artists. Stallion's recent success and upcoming third studio album are part of the promotional push under the new agreement.
Megan Thee Stallion has signed a major agreement with Warner Music Group, allowing her to release music through her independent entity, Hot Girl Productions, while retaining rights to her master recordings and publishing. The deal provides her with distribution, marketing resources, and creative control, with the option to expand access to Warner Music Group for future artists under her imprint. This marks a significant move for the rapper, who had been working independently since parting ways with her former label in 2023, and is seen as a shift in the music industry's relationship with independent artists.
Bank of America analysts have upgraded HP Inc. shares to "Buy," Ford has temporarily laid off 330 additional workers due to the ongoing UAW strike, and UBS analysts have upgraded Warner Music Group stock to "Buy."
TikTok and Warner Music Group have announced a multi-year licensing agreement, described as a "first of its kind" pact. The deal will see Warner license its repertoire to TikTok, including its Commercial Music Library, and explore new ways to harness TikTok's revenue generation and promotional capabilities. The partnership aims to benefit artists, songwriters, music fans, and the industry as a whole, with potential for the joint development of additional economic models. This agreement marks a renewed relationship between major music companies and TikTok, following recent tensions.
Warner Music Group is reducing its global workforce by around 4%, or approximately 270 roles, as the company reallocates resources towards new skills for artist and songwriter development and new tech initiatives. The move comes as the company makes "hard choices in order to evolve" and position itself for growth at the intersection of creativity and technology. CEO Robert Kyncl emphasized that the decision was made thoughtfully by operators around the world and is not a blanket cost-cutting exercise.
Warner Music Group will lay off 270 employees, comprising around 4% of its global staff, as part of a reorganization to adapt to a rapidly changing business climate, according to an email from CEO Robert Kyncl. Kyncl stresses that the move is not a blanket cost-cutting exercise but rather a thoughtful decision made by operators around the world to set the company up for long-term success. The world's third-largest music company includes the labels Atlantic, Warner, 300-Elektra, Parlophone, the catalog division Rhino, and others, as well as Warner Chappell Music publishing.