Universal Music Group Announces Significant Layoffs

Universal Music Group Braces for Major Employee Reductions

Confirmation of Layoffs at Universal Music Group

Universal Music Group (UMG) has officially announced an upcoming reduction in its workforce, with a significant number of employees expected to be affected. The company’s recorded music division is reportedly facing the largest impact.

Layoffs Discussed in Earnings Call

UMG Chairman Lucian Grainge hinted at the potential layoffs during the company’s October earnings call. Recent reports from Bloomberg have Universal’s Strategic Shift

A representative from Universal commented on the move, emphasizing the company’s focus on areas of growth such as e-commerce, geographic expansion, and new technologies. This shift aims to streamline operations while continuing to invest in artist development.

This article is based on information reported by Variety.