Universal Music, home to Taylor Swift, to reportedly cut hundreds of jobs
NY Post
Universal Music Group, home of billionaire singer Taylor Swift, plans layoffs that can number in the hundreds this year, a company spokesperson said Friday.
The job cuts, which are expected in the first quarter, will mostly be in its recorded music division, Bloomberg News reported earlier in the day.
UMG did not comment on the exact number of jobs it may be cutting as the world’s largest record label joins a wave of company’s that have announced layoffs this year.
As of 2022, the company had nearly 10,000 employees globally, as stated in that year’s annual report.
The company’s third-quarter revenue — fueled by Swift, who’s “Eras Tour” brought in $1 billion — grew about 3.3% year-on-year and nearly 10% in constant currency.
UMG’s focus has been on building its direct-to-customer and e-commerce operations in the past few years, chief executive Lucian Grainge said in an internal memo seen by Reuters on Friday.
