Warner Music CEO Robert Kyncl announced that around 270 employees globally are getting laid off.
The job and expense cuts follow what WMG executives called “tough quarter” during which the label group saw revenues dip 8% for the three months ended Dec. 31, compared to the same period a year before. The revenue hit stemmed from a 10% decline in recorded music revenues. The recorded music division is WMG’s largest business and contributed 84% of the company’s overall revenues in its fiscal year 2022. Revenues in the much-smaller publishing business rose 9% in the most recent quarter.
Kyncl said impacted staff will be notified today, while emphasizing that these actions do not represent a “blanket cost-cutting exercise” and that “every decision has been made thoughtfully by our operators around the world, who considered the specific needs, skills, and priorities of each label, division, and territory, in order to set us up for long-term success.
I want to be clear that this is not a blanket cost-cutting exercise. Every decision has been made thoughtfully by our operators around the world, who considered the specific needs, skills, and priorities of each label, division, and territory, in order to set us up for long-term success. The leader of your division will either be holding a town hall or sending an email to explain more about this path forward.
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