About 50 staffers were let go yesterday from across the Universal Music Group. Most effected appear to be the Interscope and Verve labels as well as Universal Music Group Distribution. The cuts have not reached the more massive scale darting across Twitter on Thursday; and so far represent less than 1% of the total company's global workforce.
UMG remains the top selling label group in the world; but in this climate, no one is immune. "Universal Music Group is continuing to transform our organization to better serve our artists and business partners," the company said in a statement. "Given the current economic climate, we have to be as agile and efficient as possible. Unfortunately, these ongoing efforts have resulted in some redundancy. However, UMG will now be even better positioned to compete in the growing global, digital marketplace."
