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Live Nation furloughs 20% of staff over $600M cost-cutting initiative

Live Nation has furloughed approximately 2,100 employees across multiple divisions at the publicly-traded concert promoter. As the global leader in live music, the company currently houses 10,500 employees, which is being slashed by 20 percent effective immediately.

The staff furloughs are part of a company-wide effort that began in April to reduce costs by $600 million as Live Nation prepares for an extended shutdown. Executives at the company, who are all taking a 50-100% pay cut themselves, are preparing for a year to year-and-a-half-long closure due to the COVID-19 crisis.

Nearly 40,000 full and part jobs in live entertainment have been lost since stay at home orders were issued in 42 states beginning March 12, according to data collected by Billboard. Not long after, Live Nation and AEG pulled touring shows and began canceling tens of thousands of concerts and festivals.

The shutdown initially cratered Live Nation’s stock, which was trading at a high of $76.08 on February 19. Not one month later, the company’s stock fell a staggering 60 percent to $29.50 by March 18. Shares have since rallied back, closing Friday, May 15, at $40.06.

Via: BIllboard.