With growing revenues and better productivity, both Universal Music Group and Warner Music Group have gotten more efficient since 2015.
implemented over the course of this past year was expected to cost $135 million in non-recurring charges in its current fiscal year ended Sept. 30, with the goal of achieving about $200 million in annualized savings moving forward. As part of that restructure, the company continued to lay off employees, most recently in theWhen all is said and done, the company’s restructuring will leave its staff with 750 fewer employees.
While the financial world looks at revenue per employee, the music industry has long informally measured productivity by the number of employees per $1 million. At the record label level, a longstanding rule of thumb has been that efficiency is defined as one employee per million dollars in revenue, although in the days when physical was the dominant format, wholesalers, not labels, generally aimed to have a ratio of three employees per $1 million.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Indie Label Group Founders Sell Remaining Shares To Universal Music GroupThe founders of indie label group have sold their remaining shares to Universal Music Group (UMG), making UMG the majority shareholder. The deal includes the merger of Virgin Music Group and ’s services division, which will provide world-class services to independent music labels.
Read more »
Max Lousada, Outgoing Warner Music CEO of Recorded Music, Pens Goodbye Note to StaffMax Lousada, who will be exiting his role as Warner Music CEO of recorded music on Sept. 30, penned a goodbye note to staff in a memo today.
Read more »
Warner Music Group Strikes New Multiyear Licensing Deal With MetaWarner Music Group and Meta struck a new multiyear licensing deal that includes an agreement to jointly tackle issues around generative AI.
Read more »
Universal Music Publishing Group’s Jennifer Knoepfle Promoted to Head of U.S. A&RJennifer Knoepfle, UMPG's EVP, has been promoted to Head of U.S. A&R as the company strengthens its global presence.
Read more »
Limp Bizkit sues Universal Music Group for $200 million, alleging years of unpaid royaltiesLimp Bizkit is suing Universal Music Group over allegations they haven't received royalties for their music in decades, claiming the company falsely alleges their account is 'unrecrouped.'
Read more »
Limp Bizkit Sue Universal Music Group for $200 Million Over Unpaid Royaltieshas sued Universal Music Group, accusing the world's largest record company of withholding millions of dollars in royalties owed to the band.
Read more »