Posted by Concert giant Live Nation is reportedly set to furlough 20% of staff.
The global live music shutdown is set to continue for the bulk of 2020, with most countries prohibiting large gatherings.
As a result, the summer calendar is looking decidedly bare, with News feeds dominated by cancellations and postponements.
Pitchfork reports that Live Nation are set to confirm 20% of their staff will be furloughed this month, around 2100 of their 10,500 employees.
The company had previously intimated that cost-cutting measures were required, while previous internal correspondence warned that live music would not return to full capacity until 2021.
In a statement last month Live Nation said:
“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. 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…”
Previously, Live Nation furloughed around a quarter of their Ticketmaster staff.
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