UPDATE: As anticipated, layoffs commenced at this time at Common Music Group, which incorporates Interscope, Republic, Capitol, Def Jam and Island, in addition to catalog division Common Music Enterprises and UMG company.
The layoffs began after Wednesday’s fourth quarter earnings name, the place CEO Lucian Grainge talked of a “strategic organizational redesign.”
EARLIER: Common Music Group is planning what could change into a whole bunch of job cuts to its recorded music division in its first quarter, in keeping with quite a few stories.
An organization spokesperson confirmed the layoffs on Friday, however didn’t say what number of had been anticipated. The corporate has greater than 11,000 staff worldwide.
If the layoffs happen, UMG would be a part of a rising checklist of media and tech firms which have minimize overhead. Warner Bros. Discovery, Disney, NBCUniversal, Google and others have already trimmed.
A UMG spokesperson instructed Music Enterprise Weekly: “We proceed to place UMG to speed up its management in music’s most promising progress areas and drive its transformation to capitalize on them.
Over the previous a number of years, we’ve got been investing in future progress—constructing our ecommerce and D2C operations, increasing geographically and leveraging new applied sciences. Whereas we preserve our industry-leading investments in A&R and artist improvement, we’re creating efficiencies in different areas of the enterprise so we will stay nimble and conscious of the dynamic market whereas realizing the advantages of our scale.”
