Warner Music Group has confirmed plans to cut the company’s annual costs by around $300 million.
The major label’s CEO, Robert Kyncl, described the plans as the “remaining steps in our plan to help future-proof the company,” in an SEC filing published on July 1, as Music Business Worldwide reports. $170 million of the cuts will come from “headcount reductions,” Kyncl said, while the rest will be realised through various other cost-cutting methods, such as administrative and real estate expenses.
The company plans to fully implements its cuts by the end of 2026, with the announcement following a pledge by Warner Music Group last February to cut 10 percent of its global workforce, amounting to around 600 jobs. That figure was later increased to 750 jobs towards the end of 2024.
The news was announced on the same day that Warner confirmed a $1.2 billion joint venture fund with Bain Capital to buy music copyrights.
