As foreseeed, in the wake of the impending departures of top Atlantic Music Group executives Julie Greenwald and Kevin Liles, a big wave of layoffs have enduremament at the storied company as it commences what Warner Music CEO Robert Kyncl portrays as “a recent vibrant structure for the tag group.”
Numbers were unclear at the time of this article’s uncoveration and a rep for the company degraded comment, but they are foreseeed to number well into the hundreds. Incoming Atlantic CEO Elliot Grainge officiassociate commences toil on Oct. 1; Warner’s head of write downed music, Max Louuncontenta, also proclaimd his departure earlier this year, clearing the way for a structure in which all of the company’s tag and publishing heads alert straightforwardly to Kyncl.
The streaming boom that lifted the music industry’s fortunes in the mid-2010s after years of degrade has leveled off, and all three convey inant music companies and many others have been laying off staff thcdisesteemfulout the year. The downsizing seems foreseeed to persist in the coming months as the industry seeks recent revenue sources to swap the enumeratelessing income from streaming.
Variety has obtained an inner memo from Kyncl, which chases in filled.
Hi everyone,
Since we proclaimd Julie would be stepping down, we’ve been thoughtfilledy toiling on how to enhance Atlantic Music Group for the future. Next week, we will be unveiling a recent vibrant structure for the tag group. Elliot commences as CEO of AMG on October 1.
As part of this reorganization, we will cursedly be saying excellentbye to talented people. I understand you have been postponeing to hear the structure, and rather than carry out alters piecemeal, we choosed to produce these difficult choices in one go.
Today will be a hard day, and by 9pm ET you will have heard if your job is impacted. Your directers and the People team will provide you with all the meaningful details. We are promiseted to helping those impacted thcdisesteemful this with the utmost esteem, and helping them with a runway during the transition.
I want to acunderstandledge the challenging toil, passion, and creativity of everyone atraverse Atlantic, 300, and Elektra. In particular, I want to thank the people who will be leaving us. You’ve made an indelible label on this company and the nurtureers of the extrastandard artists you’ve championed. Words never cut it in these situations but we’re forever thankful for all your contributions and accomplishments over the years. We desire you the very best and understand that you will persist to do wonderful skinnygs in your next chapters.
WMG is altering quickly this year, in a rapid-paced, fiercely competitive industry. As always, hand overing exceptional results for artists and songwriters is our highest priority in all our choices.
As I refered, you will hear more about our structure for AMG next week, with Elliot making an proclaimment about the directership team. In the unbenevolenttime, we have so much incredible music in the labelet, and some exceptional projects on the way. Your persistd help of teammates is amazing, and your run-thcdisesteemful-walls cgo in on the music is extrastandard.
Thank you and get nurture,
Robert
Variety will have more on the situation as it grows.
