Taylor Swift's music label to lay off hundreds: report

 January 15, 2024

Taylor Swift has never been more successful, but her record label, Universal Music Group, is laying off hundreds of employees this year. 

The music label is planning to make the cuts in its recorded music division in the first quarter of 2024. UMG has some 10,000 employees worldwide.

Taylor Swift's label making cuts

Of course, it's no skin off Swift's back.

Taylor Swift is a huge asset to her label, which saw its revenue grow 3.3% year-on-year in the third quarter of 2023, led by Swift's "Eras" tour.

With over $1 billion in sales, it's the best-selling tour in musical history.

Still, Universal - one of the "Big Three" record labels along with Sony and Warner Music - is looking to cut costs this year.

"We continue to position UMG to accelerate its leadership in music’s most promising growth areas and drive its transformation to capitalize on them," a UMG spokesperson told Deadline.

"Over the past several years, we have been investing in future growth—building our ecommerce and D2C operations, expanding geographically and leveraging new technologies. While we maintain our industry-leading investments in A&R and artist development, we are creating efficiencies in other areas of the business so we can remain nimble and responsive to the dynamic market while realizing the benefits of our scale.”

Swift, Kelce enter tough phase

The cuts are part of a broader trend that has impacted payrolls at media and tech giants like Disney, Amazon, Google, and Pixar.

Between her amazing commercial success and her romance with the Chiefs' tight end Travis Kelce, the billionaire Swift has become a pop culture obsession.

Despite speculation of wedding bells, Kelce and Swift are said to be taking things slow.

The relationship is about to enter a difficult stretch, with the pop star set to return to touring overseas in February and Kelce vying for another Super Bowl ring stateside.

"They both plan to be with each other on Valentine's Day, they just don't know if it will be overseas or in America," a source exclusively revealed to DailyMail.com.

"Some pieces have to fall into place and if one of those pieces is Kansas City making the Super Bowl, though it would be extremely tiring, she plans to come back for the Super Bowl for him if he is in the game."

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