Ruh-Roh. Hold on to your back catalogues, boys, cause this ain’t good news. Sources are saying that there have been severe layoffs within Universal Music Group, including 50 employees (a few of which are VPs). No label heads that we know of have been affected. According to a press release sent to The Daily Swarm, “Universal Music Group is continuing to transform our organization to better serve our artists and business partners. Given the current economic climate, we have to be as agile and efficient as possible. Unfortunately, these ongoing efforts have resulted in some redundancy. However, UMG will now be even better positioned to compete in the growing global, digital marketplace.” Never was there a better time for “coughBULLshitcough.” But I digress.
Layoffs affected those at Verve, Interscope, Def Jam, and Motown, as well as Universal Motown Distribution. Ouch. But this is all for the best, right? Let’s hope for all the people still at UMG that Taylor Swift and Lady Gaga will continue to churn out the bankable hits.
