Chairman/CEO John Janick names new leaders for both Interscope Geffen A&M, and the shared services divisions across the newly-formed ICLG.
After months of signaling, the world's leading record label finally began cutting jobs this week.
The Billboard Global Music Index rose 1.9% to a new high of 1,715.81, bringing its year-to-date gain to 11.8%.
Of the 100 tracks in the Q4 2023 Hot 100 chart, Universal Music Group has an ownership interest in 61.
The publisher also acknowledges that "the disruption is difficult for some of you" but says its battle with TikTok is "critical."
Department heads in promotion and communications at Interscope and Def Jam are among those who have been let go.
With leaner staffs, “you either need to spread your remaining staff more thinly or serve a smaller roster,” one executive says.
Chairman/CEO Lucian Grainge said the social media app is just one piece "of the multidisciplinary jigsaw where we promote and market our music globally."
In an earnings call today, UMG said the cuts would result in 250 million euros ($271 million) in savings by the end of 2026. The number of people affected was not disclosed.
UMG also reported publishing revenues rose 8.7% for both the full year and the most recent quarter.
