You may have already heard that Atlantic Music Group laid off a collective staff today (September 19), many of whom were key members of the company’s previous era under Julie Greenwald.
The news follows recent confirmation that Greenwald — along with colleagues Max Lousada and Kevin Liles — is leaving Warner Music Group later this month.
Today’s departure of around 150 Atlantic staffers will understandably draw industry attention and chatter for days to come. (MBW obviously wishes those affected all the best. Though it will be no surprise to see some prosperous new indie music companies now emerge from ex-Atlantic/WMG execs… Greenwald, Lousada, and Liles included.)
If one zooms out for a second, though, a wider industry story comes into view: A new-look Atlantic, with a new strategy – and a new identity – about to take flight.
MBW has confirmed via sources that Atlantic has this month dropped around a dozen artists from its roster, in what’s perhaps the clearest signal yet that the label under incoming CEO Elliot Grainge won’t be the same as before.
“When Elliot takes over as CEO of this label group on October 1, it’s going to be a blank page – a new day for how Atlantic works… and what Atlantic is.”
This has shades of when Aaron Bay-Schuck arrived as CEO/Co-Chairman at WMG’s other main label, Warner Records, in 2018. In his first year in charge at WR, Bay-Schuck cut over 50% of the roster signed to the label by its previous management. He also signed 30 new acts, some of which – six years on – have fuelled a bumper 2024 for WR.
A source at Atlantic told MBW today: “It’s clear what’s going on here, both with these lay-offs and the roster being cut back.
“When Elliot takes over as CEO of this label group on October 1, it’s going to be a blank page – a new day for how Atlantic works… and what Atlantic is.”
MBW recently wondered out loud whether Grainge’s appointment as Atlantic’s new CEO would usher in significant changes to the label’s A&R focus.
MBW founder Tim Ingham suggested: “Could we see the strategy of majors like Atlantic Music Group now tip further towards breaking a higher frequency of ephemeral streaming stars – and further away from ‘pulling every lever’ to birth enduring cultural superstars?”
As Ingham pointed out, that outcome might be a “statistical inevitability”.
In 2022 WMG confirmed that its five biggest superstar acts contributed just 5% of its recorded music…
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