Global music entertainment company Warner Music Group has announced to lay off 10 per cent of its workforce, or about 600 employees, to free up more money for music investment across the next decade. The majority of affected employees will be at the company\u2019s owned and operated media properties, corporate and various support functions, as well as its in-house ad sales function, reports The Hollywood Reporter.<\/p>\n
In a memo to workers, CEO Robert Kyncl stated that the company is also looking into the \u201cpotential sale\u201d of Uproxx and HipHopDX, as well as winding down the podcasting brand Interval Presents and social media publisher IMGN. \u201cAs we carry out our plan, it\u2019s important to bear in mind why we\u2019re making these difficult choices. We\u2019re getting on the front foot to create a sustainable competitive advantage over the next decade,\u201d Kyncl said in the memo.<\/p>\n
\u201cWe\u2019ll do so by increasing funding behind artists and songwriters, new skill sets, and tech, to help us deliver on our three strategic priorities,\u201d he added. In the note, the company also mentioned that it has already started to inform many of the impacted employees, and the vast majority will be notified by the end of September 2024. By the end of September 2025, the company expects to save approximately $200 million in cost savings to reinvest in the company.<\/p>\n
In March last year, Warner Music Group let go of 270 employees as part of a wider evolution of the company. Kyncl, in a memo, said that in order \u201cto take advantage of the opportunities ahead of us, we need to make some hard choices in order to evolve.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Global music entertainment company Warner Music Group has announced to lay off 10 per cent of its workforce, or about\u2026<\/p>\n","protected":false},"author":28,"featured_media":30596,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[2750,8066,9822,9821,8914],"class_list":["post-30595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-entertainment","tag-investment","tag-layoffs","tag-music-industry","tag-warner-music-group","tag-workforce"],"reading_time":"2 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/30595","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/users\/28"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/comments?post=30595"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/30595\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media\/30596"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media?parent=30595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/categories?post=30595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/tags?post=30595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}