# Universal Music Group Lays Off Executives Amid Cost-Cutting

> Universal Music Group cuts 1,000+ roles as $270M cost-saving plan continues.
- Title: Universal Music Group Lays Off Executives Amid Cost-Cutting
- Summary: 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…
- Keywords: universal music group, cost-cutting, layoffs, umg, executives, music industry, 270m, 2026, music, business, Universal, Group
- Source: Music Business Worldwide — https://musicbusinessworldwide.com/multiple-layoffs-at-universal-cutting-program-continues
- Published: 2026-10-14T16:23:53+00:00
- Read time: 1 min
- Topics: universal music group, cost-cutting, layoffs, umg, executives, music industry, 270m, 2026, music, business
## 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.
## Key takeaway

Universal Music Group is cutting 1,000+ roles to save $270 million annually as part of a cost-cutting program that began in 2024.