Warner Music UK recently shed 15 staffers, part of a broader realignment.
“The music industry is undergoing fundamental changes, and we are adapting our business accordingly, channeling our resources into growth areas, managing costs and investing in new business initiatives,” the company offered in a statement. Earlier, reports pointed to a broader series of layoffs likely to affect several hundred globally, a reduction process that is being spread over time. Many of those cuts have already occurred, though Warner is bolstering non-traditional units like new media and original content licensing. That direction was confirmed by a number of recent changes, and reiterated by company chief executive and chairman Edgar Bronfman, Jr. during a recent quarterly review. “Perhaps most significantly, we advanced our initiatives to maximize the value of our content and to diversify our revenue streams,” Bronfman said. “Essential to the ongoing success of those business initiatives, we are in the process of realigning the organization to more effectively deploy our resources to growth areas, such as digital and video distribution.” During the first, Warner lost $27 million, part of a heavy industry downturn this year.
Story by news analyst Alexandra Osorio.