Universal Music Group, the corporate home of mega pop star Taylor Swift, is reportedly set to slash “hundreds” of jobs in the latest bloodbath to hit the entertainment industry.
The music label is planning to eliminate hundreds of jobs in the first quarter of the year, people with knowledge of the matter told Bloomberg News. The company’s recorded music division will be hit hardest.
Taylor Swift ranks among the label’s biggest stars, having signed a recording deal with the company in 2018 and an exclusive publishing contract two years later. The label also represents Drake and “Despacito” singer Luis Fonsi.
The layoffs at Universal Music Group are the latest to hit the entertainment sector this month in what is becoming an industry-wide bloodbath.
Media corporations are feeling the effects of widespread negative consumer sentiment tied to President Joe Biden’s economic policies, which have decimated discretionary spending as American families face skyrocketing costs of food, energy, insurance, and housing.
As Breitbart News reported, Amazon is laying off “several hundred” workers at its Prime Video streaming service and MGM Studios, as well as at its Twitch and Audible divisions.
Disney’s Pixar is also expected to eliminate up to 20 percent of its staff, or more than 300 jobs, in the months ahead.
Last month, Spotify announced layoffs impacting 17 percent of its employees, its third layoff of 2023.
Meanwhile, Silicon Valley and Wall Street are also being hit with massive layoffs as executives brace for more bad times ahead under Biden.
Google is slashing hundreds of jobs while Citigroup announced Friday it will eliminate a stunning 20,000 employees — or ten percent of its workforce.
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