Univeral Music Group confirms future job cuts
nme.comUniversal Music Group (UMG) has announced their plans for 2024, including job cuts and an “artist-centric” streaming model.A report by Bloomberg alleged that the company was planning to lay off hundreds of jobs within the first quarter.
Anonymous sources claimed that the recorded music department would suffer the most cuts. In 2022, UMG reported it employed 10,000 workers globally.
UMG have not specified how many jobs will be lost.It follows a wave of job cuts in the music industry; Warner Music reduced its workforce by 4 per cent last year, whilst Spotify cut a whopping 17 per cent of jobs last December.
Music Week claimed that UMG “is not about to make cuts on the scale of Spotify”.The news comes alongside UMG’s launch of an “artist-centric” streaming model last year in an effort to reduce AI-generated content.
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