Universal Music Group, home of mega-pop star Taylor Swift, reportedly plans to cut “hundreds” of jobs in the latest disaster to hit the entertainment industry.
Music labels plan to cut hundreds of jobs in the first quarter of this year, people familiar with the matter said. Said Bloomberg News. The company's recorded music division will be the hardest hit.
Taylor Swift is one of the label's biggest stars, signing a recording contract with the label in 2018 and an exclusive publishing deal two years later. The label also represents Drake and “Despacito” singer Luis Fonsi.
Universal Music Group's layoffs are the latest blow to the entertainment industry this month, in what has been an industry-wide disaster.
Media companies are feeling the impact of widespread negative consumer sentiment related to President Joe Biden's economic policies. Discretionary spending is declining as American households face rising costs for food, energy, insurance, and housing.
As Breitbart News reported, Amazon is laying off “hundreds” of employees at its Prime Video streaming service and MGM Studios, as well as its Twitch and Audible divisions.
Disney's Pixar is also expected to cut up to 20% of its workforce, or more than 300 people, in the coming months.
Last month, Spotify announced layoffs affecting 17% of its workforce, the third in 2023.
Meanwhile, Silicon Valley and Wall Street are also experiencing large-scale layoffs as executives brace for a further recession under the Biden administration.
Google is cutting hundreds of jobs, and Citigroup announced Friday it will cut as many as 20,000 workers, or 10 percent of its workforce.
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