EMI to Cut 20% of Workforce, Drop 20% of Artists from Record Label

Authored by Mark Hefflinger on March 31, 2004 - 3:52am.

London -- Major record label EMI announced on Wednesday that it will cut 20% of its global workforce and eliminate one in five of its roster acts, as part of a restructuring that will also see the company largely outsource its CD manufacturing needs. EMI said 900 of the 1,500 total layoffs will come from the closure of manufacturing plants in the U.S. and Europe, including one in Illinois. The company did not disclose which artists would be dropped from the label, but said that they are "largely niche and under-performing artists," and that "the roster is being rebalanced to focus resources and efforts more effectively on the artists who have the greatest potential on both a global and local level." EMI expects the restructuring to save the company $91.5 million a year.
http://www.emigroup.com/news/pr215.html
http://www.hitsdailydouble.com/news/newsPage.cgi?news05009m01