Warner Music Group to Cut 4% of Workforce

Warner Music Group Corp. ($WMG@US) plans to lay off about 4 percent of its global workforce in an effort to align the record label and entertainment company with technology. New Chief Executive Robert Kyncl said the company is reallocating resources toward new skills for artist and songwriter development. His selection was seen as a strategic move to leverage tech innovation in the music industry, which is seeking to explore new revenue streams by capitalizing on social media, gaming, artificial intelligence, and the metaverse. Warner Music, the third-biggest major music label, boasts a roster of superstars such as Ed Sheeran and Madonna. Shares rose 1 percent on Wednesday.