Record label Warner Music Group, which early Wednesday laid off 270 employees, or about 4% of its global workforce, will "likely" retain employees involved in the company’s Web3 and AI-related initiatives, a person familiar with the matter told Decrypt. 

“In my discussions with our leaders across the company, many of them came to the same conclusion–that to take advantage of the opportunities ahead of us, we need to make some hard choices in order to evolve,” Kyncl wrote in that email to Warner Music employees Wednesday morning, as first reported by The Hollywood Reporter.