A LITTLE NOTE ABOUT BIG CHANGES

As most of you are aware, in his remarks to analysts, UMG boss Sir Lucian Grainge focused on the accomplishments of 2023, priorities for 2024 and the current global reorganization, which will encompass an as-yet-unspecified headcount reduction and other savings. UMG EVP, CFO and President of Operations Boyd Muir said the reorganization will save the company €250m (north of $270m) by the end of 2026, with €75m ($81m) realized this year and another €50m ($54m) in 2025.

What can get lost in all these numbers is something that’s very much on the minds of everyone at UMG and elsewhere in the biz: a lot of people, many of whom have been at the company for years, will lose their jobs—and those tasked with enacting change must part ways with longtime team members. It’s an exceptionally painful process. Our hearts go out to both those who will be leaving the company as a result of staff reductions and the colleagues who must bid them farewell.

These are difficult times, but we’ll get through them; in the meantime, if you’re among those affected, please feel free to reach out to us and keep us posted on your situation.