Universal Music Group Announces Employee Layoffs in 2024

Universal Music Group (UMG), the titan of the music industry, has announced a forthcoming workforce reduction set to occur in 2024. This decision aligns UMG with numerous other companies experiencing layoffs.

The cuts are expected to primarily affect the recorded music division, with hundreds of jobs potentially being eliminated. Nevertheless, the company did not disclose specific numbers regarding the anticipated layoffs.

In the course of last year, Universal Music Group reported a global employee total near 10,000, as per their annual report.

This news comes alongside reports of Pixar Animation Studios also planning to reduce its workforce following the completion of several projects and an evaluation of staff requirements.

UMG's Strategic Adjustments

UMG has been concentrating on enhancing its direct-to-customer and e-commerce efforts. CEO Lucian Grainge mentioned in a memo that the company will maintain investments in A&R and artist development while also optimizing the organization to increase efficiency.

Grainge has also been vocal about UMG's ongoing initiatives to better the economics of music streaming and the ethical implementation of artificial intelligence in the industry.

The announcement of layoffs does not seem to reflect a slump in business, as the company's third-quarter revenue witnessed a growth, spurred by the success of artists like Taylor Swift.

layoffs, music, business