Photo by Matt Winkelmeyer/Getty Images for iHeartRadio
A major Black industry vet is speaking out after Universal Music Group laid off multiple high-profile executives.
On October 14, UMG announced that it was laying off several executives as the company finalized a 2024 restructuring plan.
In response to news of the UMG layoffs, president of Top Dawg Entertainment (TDE), Terrence “Punch” Henderson, sparked conversation on X, asking: “Where have all the black ppl gone in the music business??” He also wrote about the importance of Black women's leadership in the music industry.
Two of the prominent executives let go from UMG — Tunji Balogun and Nicole Wyskoarko — are Black. Beyond the high-profile executives, investment in Black genres like hip-hop and R&B have declined since the late 2010s. Hip-hop and R&B have lost market share in recent years as labels focus on catalog management and rising genres like K-pop and country.
These cuts come amidst a flurry of industry-wide layoffs – Warner Music Group (WMG) and Sony have also undergone restructuring in the past few years. In 2023, WMG announced its plan to cut 270 jobs, or approximately 4% of its global workforce. That number was eventually raised to 750 that same year. The ongoing uncertainty in the music industry comes amidst a tough business environment for major labels and streamers due to looming questions about AI’s impact on the industry and stalled subscriber growth on DSPs like Spotify.