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"Dream - American entertainment company, Warner Music, will carry out Employee Termination (PHK) against 600 employees. This number represents around 10 percent of the workforce."
Quoting CNBC International, Warner Music stated that this layoff is part of a broader restructuring plan aimed at cost savings.
The existence of the layoff is estimated to reduce costs by up to US$200 million or approximately Rp3.1 trillion for the company by the end of fiscal year 2025.
The majority of cost reductions will be allocated to enhancing investment in Warner Music's core music units and new technologies.
Employees affected by this layoff are those in the internal advertising sales team and various other support functions.
Warner Music will complete the total severance pay estimated to reach US$85 million or Rp1.5 trillion by the end of 2026.
Still related to the music industry, Spotify also carried out layoffs of 1,500 employees to reduce costs in 2023.
In his announcement, Spotify CEO Daniel Ek stated that there are significant changes in the strategy for the music streaming company. However, this layoff (PHK) is not the last one, Ek mentioned that the company has considered conducting smaller layoffs in 2024 and 2025.
Although affected by layoffs, employees will receive an average severance pay of around five months. Previously, Spotify, which employed more than 9,000 people, had laid off over 500 employees in January 2023. And in June 2023, Spotify cut 200 employees from its podcasting unit.
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