Get the latest gossip

Universal Music Group Preparing for Layoffs to Create ‘Efficiencies’ in Response to ‘Dynamic Market’

“We continue to position UMG to accelerate its leadership in music’s most promising growth areas and drive its transformation to capitalize on them,” said a spokesperson.

As Universal Music Group chairman/CEO Lucian Grainge forecast in an October earnings call, saying that the company would need to “cut to grow,” UMG is expected to begin laying off employees as soon as this quarter. While we maintain our industry-leading investments in A&R and artist development, we are creating efficiencies in other areas of the business so we can remain nimble and responsive to the dynamic market, while realizing the benefits of our scale.” In his same memo, he noted UMG’s global growth in the past year, including the restructuring and expansion of distribution company Virgin Music Group into such areas as the Middle East, Africa, India and China.

Get the Android app