Warner Music Group To Lay Off 600 Employees
Warner Music Group, a global music entertainment corporation, has revealed plans to lay off 10 per cent of its workforce, or approximately 600 employees, in order to free up more funds for music investment over the next decade.
According to The Hollywood Reporter, the majority of affected employees will work for the company's owned and operated media outlets, corporate and other support operations, and in-house ad sales department.
In a memo to employees, CEO Robert Kyncl claimed that the business is also considering the "potential sale" of Uproxx and HipHopDX, as well as the closure of the podcasting brand Interval Presents and social media publisher IMGN.
"As we carry out our plan, it's important to bear in mind why we're making these difficult choices. We're getting on the front foot to create a sustainable competitive advantage over the next decade. We'll do so by increasing funding behind artists and songwriters, new skill sets, and tech, to help us deliver on our three strategic priorities," Kyncl said in the memo.
In the memo, the company also stated that it has already begun to notify many of the affected employees, with the vast majority receiving notice by the end of September 2024. By the end of September 2025, the company aims to have saved roughly $200 million in cost savings to reinvest in the business.
