Warner Music Group announced that it will lay off 270 people worldwide.

(Schematic, Reuters)

[Financial Channel/Comprehensive Report] "Warner Music group", one of the world's three largest record companies, announced on Wednesday (29th) that it will lay off 270 people worldwide.

According to comprehensive media reports, Warner Music’s new chief executive Robert Kyncl said in a memo to internal employees that in his conversations with company-wide leaders, many people came to the same conclusion that in order to seize future opportunities, we must Some tough decisions have to be made to grow, so the company has decided to lay off 270 employees around the world, accounting for 4% of its workforce.

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Robert Kyncl emphasized that the move was not a blanket cost-cutting exercise, but a restructuring to adapt to a rapidly changing business environment.

Robert Kyncl also revealed that the company is reallocating resources for the development of new skills and new technology programs for artists and songwriters, while also reducing non-essential expenses and providing more flexibility for the company's future.

Warner Music's stock price closed at $32.63 on the 29th, an increase of 0.62%.

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