Live Nation Furloughs 20% of Employees

Music

Live Nation has furloughed 20% of its workforce, according to Billboard. Approximately 2,100 of its 10,500 employees have reportedly been furloughed as the result of the decision, which comes at a moment when the live concert industry faces a serious economic downturn due to thousands of canceled tours and festivals worldwide.

When reached for comment, a representative for Live Nation directed Pitchfork to an April 13 statement from the company that detailed forthcoming cost-cutting measures, including furloughs.

“Given the uncertainty associated with the duration of current conditions globally, the company has launched a number of initiatives to reduce fixed costs and conserve cash. As part of these cost reduction efforts, the company will implement salary reductions, with salaries for senior executives reduced by up to 50%, and the company’s CEO voluntarily forgoing 100% of his salary for the duration of the salary reduction program,” the announcement reads. “Additional cost reduction efforts include hiring freezes, reduction in the use of contractors, rent re-negotiations, furloughs, and reduction or elimination of other discretionary spending, including, among other things, travel and entertainment, repairs and maintenance, and marketing.”

Earlier this week, it was reported that Live Nation was raising $800 million in a debt sale, with plans to use that money for “general corporate purposes.” Plans to secure an additional $1.2 billion through note sales were reported by Billboard yesterday. Live Nation previously furloughed a quarter of its Ticketmaster employees as part of their ongoing cost-cutting measures.

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