This post was originally published on this site
In an email sent to employees and seen by Reuters, Chief Executive Officer Robert Kyncl said the company was reallocating resources towards new tech initiatives among others.
Having enjoyed a boom in revenue during the pandemic-induced lockdowns, the music industry faces risks from surging inflation that has put a strain on consumers’ wallets.
Shares of Warner Music, the label behind artists such Ed Sheeran, Lizzo and Dua Lipa, have fallen more than 7% this year.
Warner Music employed nearly 6,200 employees worldwide, as of Sept. 30, 2022.
