Universal Music, home of Taylor Swift, plans job cuts
Universal Music Group, home to billionaire singer Taylor Swift, is planning layoffs that could number in the hundreds this year, a company spokesman said Friday.
The job cuts, which are expected in the first quarter, will mainly take place in the music recording division. Bloomberg News reports this earlier in the day.
UMG did not comment on the exact number of jobs it might cut as the world’s largest record label joins a wave of companies announcing layoffs this year.
As of 2022, the company had nearly 10,000 employees worldwide, as stated in that year’s annual report.
The company’s third-quarter revenue — driven by Swift, whose “Eras Tour” grossed $1 billion — grew about 3.3% year-over-year and nearly 10% at constant exchange rates.
UMG’s focus in recent years has been on building its direct-to-customer and e-commerce businesses, CEO Lucian Grainge said in an internal memo seen by Reuters on Friday.
“In 2024, as we continue to invest in A&R and artist development, we will further evolve our organizational structure to create efficiencies in other parts of the business,” added CEO Grainge.
Grainge has praised UMG’s efforts to improve the economics of streaming and promote the responsible use of artificial intelligence.
Walt Disney’s Pixar Animation Studios is also on the verge of job cuts as the studio has completed production on some shows and now has more staff than necessary, a source familiar with the situation told Reuters on Thursday.
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