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Universal Music Group Announces ‘Strategic Redesign’ Saving $270 Million in Annual Costs
Universal Music Group's Q4 earnings results include plans for a 'strategic redesign' saving $270 million in annual costs.
In the same report, the music company addressed in further detail a looming “strategic organizational redesign” aiming to generate over $270 million in annual run-rate savings by 2026. The plan “is designed to achieve efficiencies in targeted cost areas while strengthening labels capabilities to deepen artist and fan connections,” per the report. UMG reported promising growth in neighboring rights, synchronization, touring and sponsorship deals, with revenue improving 26.5% year-over-year, or 34.0% in constant currency.
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