All Articles News
Live Nation, Music Events and venue Operator, Drastically Cutting Staff & Costs
Rounik Sethi on Wed, September 16th 0 comments
Live Nation and Ticketmaster have been in serious trouble since Covid-19 pandemic hit North America. They are making further cuts amid an uncertain landscape for live music and entertainment.

Amongst the many industries severely impacted by the current Covid-19 pandemic, live music and entertainment, is perhaps one that will continue to be badly affected for some time to come. Even as some lockdowns ease, live music events and festivals appear to be held to ransom by the virus with no long-term solution in sight for venues to re-open. As well as being crippling financially for many musicians and DJs, any company involved in the running of live music have also been hit hard too.

Across North American venues and its TicketMaster divisions, Live Nation began a second-round of staff layoffs earlier this month in an effort to cut costs further.

According to Pollstar, "Live Nation reported a loss of $567.5 million for Q2 of 2020 on Aug. 5 in its quarterly earnings report as its business was dramatically impacted by the COVID-19 pandemic. The company’s posted revenue was $74.1 million, down from Q2 2019's revenue of 3.15 billion, or 98% from a year ago."

Live Nation have been seeking to reduce costs since April 2020 including, "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.” 

Since this plan, Live Nationfurloughed 25% of its North American employees in April. In May a further 20% of emplyees were furloughed and CEO, Michael Rapino "gave up his salary, and execs took up to 50% pay cuts."

As would be expected, Live Nation's revenue was down dramatically, reporting a loss of $567.5 million for Q2 of 2020, and revenue was down from over $3 billion from Q2 in 2019 to $74 million in Q2 2020.

Via: Pollstar

 

 

Related Videos
Comments (0)

You must be logged in to comment.

Quick Start Guide
Studio One 5 101
Dream It. Do It.
Do you want to learn Quick Start Guide?
Yes, I want to learn!
No Thanks, I just want to read the article.
Feedback
Course Advisor
Don't Know Where To Start?
Ask A Course Advisor
Ask Us!
Copy the link below and paste it into an email, forum, or Facebook to share this with your friends.
Make money when you share our links
Become a macProVideo.com Affiliate!
The current affiliate rate is: 50%
Classes Start Next Week!
Live 8-week Online Certification Classes for: