Universal Music layoffs have actually been validated by a business representative. Picture Credit: Jason Goodman
Following reports that Universal Music Group (UMG) would move on with layoffs, the significant label has actually validated an upcoming workers decrease.
We reported on the prepared cuts– protection of which was followed by a stock-price enhancement for UMG– over the weekendAccording to a preliminary short article from Bloombergwhich pointed out “individuals with understanding of the matter,” the leading music business means to part methods with “hundreds” of employee.
Furthermore, the very same source, indicating remarks made by in-the-know people “who weren’t licensed to speak openly,” communicated that UMG’s taped music department would be struck hardest by the first-quarter layoffs.
While it stays uncertain specifically the number of staff members (who numbered about 10,000 at 2022’s conclusion) will be impacted, the profit-minded Universal Music has in truth acknowledged the impending lowerings.
Per a summary from Reutersa UMG representative kept in mind that the expert home of Drake and Taylor Swift “will lay off some staff members in 2024.”
Digital Music News connected to Universal Music for a direct verification of the layoffs– and possibly information regarding their precise degree– however didn’t get an action in time for publishing.
In any occasion, it was just previously in January that UMG head Lucian Grainge in a roughly 2,500-word memo to personnel promoted his business’s 2023 efficiency peaks– generating criticismwhile doing so.
Towards completion of the positive file– which was, naturally, offered in its totality by means of numerous outlets– the well-compensated officer briefly discussed strategies to “more develop our organizational structure.”
“In 2024, as we continue our industry-leading financial investments in A&R and artist advancement,” checks out the appropriate sentence as released by Signboard“we will even more develop our organizational structure to develop performances in other locations of business, so we can stay active and responsive to chances as they emerge, while likewise making the most of the advantages of our scale.”
Provided the layoffs verification’s timing, it appears that this organizational shuffle refers a minimum of in part to the team-size decrease. “I assure 2024 will be an exceptionally interesting and transformative year for our business,” Grainge promised in liquidating the memo.
Needless to state, for those whose tasks are hanging in the balance, 2024 has, if anything, shown “amazing” for all the incorrect factors so far. With the soon-to-be-made layoffs set in stone, it appears that UMG staff members are still waiting in thriller for specifics.
At the time of this writing, no affected individual wanted to have actually penned a social networks or LinkedIn post on the topic, nor had any report suggested that the layoffs had actually been made authorities. UMG had not described the cuts by means of a standalone statement message.