From Music Business Worldwide · · 1m 10s
Universal Music Group Lays Off Executives Amid Cost-Cutting
Universal Music Group cuts 1,000+ roles as $270M cost-saving plan continues.
In brief
Universal Music Group cuts 1,000+ roles as $270M cost-saving plan continues. Universal Music Group is cutting 1,000+ roles to save $270 million annually as part of a cost-cutting program that began in 2024. Originally reported by Music Business Worldwide.
Universal Music Group cost-cutting program
Universal Music Group announced a cost-cutting program to slash EUR €250 million (approx. USD $270 million) in annual expenses.
Recent executive departures at Universal
Senior executives including Tunji Balogun, Nicole Wyskoarko, and Sam Riback are leaving their roles at Universal Music Group.
Additional leadership changes
Ben Mortimer exits his UK label role, Hannah Neaves switches to consultancy, and Rebecca Allen steps away after 27 years.
Cost-saving progress
Universal Music Group achieved €90 million in cost savings by 2025 and expects €40, €50 million more in 2026.
2026 cost-saving targets
Another €35, €45 million in savings is expected for 2027 to complete Universal Music Group’s cost-cutting program.
Industry-wide layoffs
Netflix cuts 1,000 jobs and Skydance Media reports 2,000 US job cuts following its merger with Paramount Global.
At a glance
Universal Music Group is cutting 1,000+ roles to save $270 million annually as part of a cost-cutting program that began in 2024.
