AEG will manage the snappily named Buenos Aires Arena (BAA), its second new venue in South America, for Argentine media giant La Nación
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AEG is implementing cost-reduction measures, including staff layoffs and furloughs, as well as salary reductions, across all divisions
By IQ on 09 Jun 2020
Live entertainment powerhouse AEG is implementing staff layoffs, furloughs and salary reductions as part of a Covid-19 cost-cutting plan.
The company, whose CEO Dan Beckerman notified employees of the measures on Monday (8 June), is enacting the measures across all parts of the business from 1 July, including concert and festival promoter AEG Presents.
In a separate message, AEG Presents chairman and CEO Jay Marciano stated that those affected would be provided with “the best safety net” possible.
“I don’t think it’s an overstatement to say that, just a few short months ago, nobody in our business – or any business – could have predicted where we would be today. The world has changed with an impact and scope that’s impossible to fathom,” wrote Marciano in a memo obtained by Variety.
“Simply put, we will reopen when we are confident that it is safe to do so”
“I wish I could tell you when it will be safe to reopen. At present, it appears large-scale events – the core of our business – will be the last to reopen. We will continue to monitor this daily, but the health and safety of our employees, artists and fans remains our highest priority.
“Simply put, we will reopen when we are confident that it is safe to do so.”
AEG joins live companies including Paradigm Talent Agency, WME, Eventbrite, Cirque du Soleil and TicketSwap to lay off staff due to the coronavirus shutdown, while many more industry professionals are temporarily furloughed.
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