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Warner Music Group to Reduce Staff Again, Plans to Invest $300 Million Back Into Music & More
Warner Music Group plans to cut annual costs by $300 million through a combination of layoffs and reducing administration and real estate expenses
Warner Music Group plans to cut annual costs by $300 million through a combination of layoffs and chopping expenses related to administration and real estate, according to a memo from CEO Robert Kyncl to staff on Tuesday (July 1). Two years ago, we began to transform our company; not just to tinker around the edges of an old model, but to build a fast, innovative, and collaborative organization that reflects how music moves in the new world. For example, we’ll expand the rollout of the WMG Pulse app and add more features to give artists and songwriters insights, while landing the benefits of our financial transformation initiative as well as a vastly improved supply chain and data infrastructure.
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