The music company guided the careers of Hermitude, L-Fresh The Lion, The Herd, Joelistics, Horrorshow and others.
Interscope veterans Steve Berman and Annie Lee take on C-Suite roles in the new configuration, with Capitol CFO Geoff Harris retaining his role as well.
The label group said it wants to make a potential bid for the French digital company.
Probably not, but new EU copyright laws constrain platforms in a way that gives rights holders more negotiating power.
Department heads in promotion and communications at Interscope and Def Jam are among those who have been let go.
With leaner staffs, “you either need to spread your remaining staff more thinly or serve a smaller roster,” one executive says.
Chairman/CEO Lucian Grainge said the social media app is just one piece "of the multidisciplinary jigsaw where we promote and market our music globally."
In an earnings call today, UMG said the cuts would result in 250 million euros ($271 million) in savings by the end of 2026. The number of people affected was not disclosed.
Developing artists distributed through Universal and Virgin are relying on workaround measures and "tricks" to keep using the platform.
The new app, which Kyncl says will roll out later this year, was announced at the Web Summit conference in Qatar this week.
