Universal Music fires staff in Hong Kong as part of global restructuring
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Universal Music Hong Kong, home to Cantopop legends Jacky Cheung and Eason Chan, has fired eight personnel from the publicity department as part of a global restructuring exercise by its US parent company, Universal Music Group. The lay-offs came without prior warning and were a shock to the firm and its stars. Universal Music Group announced in February its intention to generate $270 million in annual cost savings through headcount reduction and other operational efficiencies. The company did not disclose the total number of employees affected by the restructuring. The sudden lay-offs may potentially affect the concert schedules of artists such as Jacky Cheung and Eason Chan. Record labels are shifting their promotional strategies to focus more on digital platforms, as streaming platforms pose global competition and audiences are exposed to a wider range of content.
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