Warner Music Group announced today that it will lay off 10% of its workforce worldwide.

The announcement was made by CEO Robert Kyncl in a memo to staff on Wednesday. The layoffs will affect about 600 of its workers, Deadline reported.

The job cuts will mainly come from its news and entertainment media properties, wherein its podcast platform Interval Presents and social media publisher IMGN will be closed down.

It will also seek buyers for news portals Uproxx and HipHopDX.

"Today, we're announcing a plan to free up more funds to invest in music and accelerate our growth for the next decade," Kyncl's memo wrote, as published by Variety.

"Our plan includes reducing our workforce by approximately 10%, or 600 people ... To the people who will be leaving us: you deserve a heartfelt thank you for your hard work and dedication. We're fortunate that you've been part of the team."

According to Kyncl, the move will help the company save $200 million annually by the end of September 2025. The savings will reportedly be reinvested in the company.

"Putting more money behind the music," as the CEO puts it. He added that while these are "difficult choices," the decision will help create a "sustainable competitive advantage" for Warner Music.

It also plans to increase its funding for artists and songwriters. The company's artists include Madonna, Beyoncé, Bruno Mars, Coldplay and Ed Sheeran.

Coldplay
Coldplay perform on stage at Optus Stadium on November 18, 2023 in Perth, Australia. Paul Kane/Getty Images

"We're in an amazing industry, we're partnered with many extraordinary artists and songwriters, and now is the time for us to pioneer the future," Kyncl said to end his letter.

The Warner Music layoffs come as more and more media companies cut down their workforces amid a dimming entertainment sector. Paramount, Disney and even video companies like Blizzard have also previously announced layoffs.