Warner Music Group has announced that they will be reducing their global workforce by around 4%, as the company seeks to “evolve” in a changing music industry.
The drastic cuts were made in order to make the company more efficient and better prepared for future challenges within the industry. This is just one of many measures that the company has taken in recent months, as they strive to stay competitive amidst an increasingly difficult economic climate.
Despite these heavy layoffs, Warner Music Group CEO Steve Cooper stated that “while there is much uncertainty in our external environment, we remain confident about our ability to innovate and create opportunities for our artists and employees.” He further emphasized that “we have taken steps to ensure we have the right size organization to execute on our long-term plans for growth.”
While no one likes to hear about layoffs, it is clear that Warner Music Group had to make tough decisions if they wanted to stay competitive in today’s highly saturated music industry. By cutting costs and streamlining operations, WMG will be better prepared for whatever comes their way next.
Source: Music Business Worldwide