Universal Music Stock Rises on Layoff News, K-Pop Stocks Drop – Billboard

Universal Music Group (UMG) shares increased 3% on Friday– the exact same day news broke that the business will certainly give up thousands of staffers– and ended up the week up 6.9% to 26.95 euros ($ 29.54). The possibility of expense financial savings made UMG the top-performing music stock of the week, whipping French music streaming business Deezer’s 6.5% gain and 6% renovations by both Chinese music banner Tencent Music Entertainment and live home entertainment business MSGEntertainment

UMG initially allow financiers understand it was intending discharges in its October revenues telephone call. On Friday, a record by Bloomberg stated UMG is intending discharges as early as this quarter, mainly in its documented music department. A firm agent decreased to comment on the range and schedule of the discharges however informed Billboard UMG is “creating efficiencies” in particular locations of business “so we can continue to be …