[ad_1]
© Reuters. FILE PHOTO: The headquarters of Warner Music Group is pictured in Burbank, California August 5, 2008. REUTERS/Fred Prouser
(Reuters) – Media firm Warner Music Group Corp mentioned on Wednesday it should layoff 4% of its workforce, or 270 staff, globally and minimize down discretionary spending within the close to future.
In an e-mail despatched to staff and seen by Reuters, Chief Govt Officer Robert Kyncl mentioned the corporate was reallocating sources in direction of new tech initiatives amongst others.
Having loved a increase in income throughout the pandemic-induced lockdowns, the music business faces dangers from surging inflation that has put a pressure on customers’ wallets.
Shares of Warner Music, the label behind artists such Ed Sheeran, Lizzo and Dua Lipa, have fallen greater than 7% this yr.
Warner Music employed practically 6,200 staff worldwide, as of Sept. 30, 2022.
[ad_2]