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Live Nation furloughs affect 20% of staff globally

Following furloughs at Ticketmaster, parent company Live Nation is temporarily laying off more than 2,000 of its staff worldwide

By IQ on 18 May 2020

Live Nation's 2020 concert calendar still looks sparse

Live Nation's 2020 concert calendar still looks sparse


Live Nation has furloughed 2,100 staff, some 20% of its 10,500-strong global workforce, as part of its US$600 million programme of cost cutting.

The concert giant announced last month it is targeting half a billion dollars’ worth of savings (later revised up to $600m) in order to weather the complete shutdown in concert touring caused by the novel coronavirus. Live Nation’s president, Joe Berchtold, said on 7 May he anticipates a burn rate of approximately $150m per month for the rest of 2020.

The news, first reported by Billboard, comes after Live Nation subsidiary Ticketmaster furloughed a quarter of its workforce in North America.

Among other cost-cutting measures at Live Nation are hiring freezes, reduction in the use of contractors, rent renegotiations and reduction or elimination of other discretionary spending (including, among other things, travel and entertainment, repairs and maintenance, and marketing), according to the company.

LN announced plans to issue new debt worth $1.2 billion last week, saying it will spend the proceeds on “general corporate purposes” ahead of a largely empty summer calendar.

 


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