Universal Music Group (UMG), the world’s largest music company, has begun another round of layoffs affecting senior executives across its operations in the United States and Europe as it continues implementing a €250 million ($270 million) annual cost-cutting programme.
The latest restructuring, reported by Music Business Worldwide on October 14, 2026, is part of a broader efficiency drive introduced in February 2024 and expected to conclude in 2027.
The programme combines workforce reductions with operational changes aimed at improving profitability and strengthening the company’s position in the global music industry.
Among the executives affected is Nigerian-American music executive Tunji Balogun, Chairman and Chief Executive Officer of Def Jam Recordings, who is expected to leave the company before the end of 2026.
UMG executive layoffs hit major labels
Other departures include Nicole Wyskoarko and Sam Riback, both Presidents of Artists and Repertoire (A&R) at Interscope Geffen A&M (IGA).
In the United Kingdom, Ben Mortimer is leaving his position as President of Polydor Label Group, while Hannah Neaves, President of UMRecordings UK, will transition into a consultancy role.
- Rebecca Allen, Universal Music Group UK’s Chief Artist and Strategy Officer, also announced her departure after 27 years with the company.
- Meanwhile, Mark Crossingham is stepping down as Managing Director of UMG Ireland, with Nick Younger expected to succeed him.
- The restructuring follows similar workforce reductions across the company’s operations in Germany and Canada in recent weeks.
A UMG spokesperson explained that the changes reflect efforts to adapt to evolving industry demands while investing in new technology and capabilities.
- “We’re bringing in new skills and technology and connecting expertise across our teams to deliver greater global impact and greater efficiency,” the spokesperson said.
Universal Music’s restructuring began in 2024
Nairametrics had earlier reported in January 2024 that Universal Music was preparing to lay off hundreds of employees, particularly within its recorded music division, as part of a strategy described by CEO Lucian Grainge as “cut to grow.”
Despite the restructuring, UMG has continued to record revenue growth. In April 2026, the company reported first-quarter revenue of €2.9 billion ($3.39 billion), representing an 8.1% year-on-year increase at constant currency, supported by streaming, physical music sales and acquisitions.
The company also maintains a significant presence in Nigeria’s music industry. In 2024, UMG acquired a majority stake in Don Jazzy’s Mavin Records, home to Afrobeats stars including Rema and Ayra Starr, strengthening its position in Africa’s expanding music market.
Warner Music Group previously announced approximately 750 job cuts in 2024, targeting annual savings of about $260 million.
In July 2025, Warner unveiled another $300 million annual cost-reduction programme, including $170 million from workforce reductions.
Similarly, streaming giant Netflix reportedly announced plans to eliminate approximately 1,000 positions, representing 6% of its workforce.
UMG Targets €250 Million Savings
Universal Music Group initially announced its €250 million annual savings programme in February 2024, targeting completion by 2027.
During the company’s full-year 2025 earnings call in March 2026, Chief Financial Officer Matt Ellis disclosed that UMG achieved €90 million in savings during 2025.
The company expects additional savings of €40 million to €50 million in 2026. Another €35 million to €45 million in savings is projected for 2027.
UMG’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) margin declined to 20.5% in the second quarter of 2026, compared with 22.7% a year earlier.