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Live Nation-owned Ticketmaster is furloughing a portion of its workforce in North America in a bid to cut costs
By IQ on 30 Apr 2020
Ticketmaster is the latest live entertainment giant to announce major cost-cutting measures in response to the coronavirus crisis.
The ticketing company has furloughed employees – reportedly representing a quarter of its workforce – across multiple offices in North America.
Those affected will be suspended from the Ticketmaster payroll from 1 May. They will continue to receive health benefits and, in some cases, will receive a two-week payout of earned time off. Ticketmaster has stated that the furloughs are temporary.
In a letter obtained by Variety, Ticketmaster president Jared Smith says the “team spirit and camaraderie” shown by staff in the face of Covid-19 “made the decision to furlough a portion of our workforce all the more difficult”.
“The team spirit and camaraderie made the decision to furlough a portion of our workforce all the more difficult”
The furloughs form part of parent company Live Nation’s previously announced raft of cost-saving measures. The cost-reduction programme, which looks to save the company $500 million, includes executive pay cuts, hiring freezes, reduction in the use of contractors, rent renegotiations, and reduction or elimination of other discretionary spending.
Major live entertainment companies including Eventbrite, Paradigm, and WME parent company Endeavor have cut staff to save costs during the coronavirus shutdown, although IQ understands WME has yet to be affected directly by the measures.
Agencies including CAA and UTA have also implemented cost-saving measures.
IQ has reached out to Ticketmaster for comment.
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