Warner Music plans to lay off 10% of its staff, or 600 people, in the next few weeks, with many of the cuts hitting its owned and operated media properties, including Uproxx and HipHopDX.
The company announced earnings ahead of schedule, highlighting 11% revenue growth in the quarter ended Dec. 31, 2023, and net income of $193 million, compared with $124 million in the prior-year quarter.
The layoffs will “free up more funds to invest in music and accelerate our growth for the next decade,” said CEO Robert Kyncl. “To do that, we have to make thoughtful choices about where we put our people, resources, and capital. So, as part of that plan, we’ll be realizing approximately $200 million in annualized cost savings by the end of September 2025.”
Kyncl said most of the savings will be reinvested into artists, technology and skill sets to create a “sustainable competitive advantage over the next decade.”
