With Ticketmaster’s furlough of hundreds of employees, this marks the first major round of unemployment here. This affected multiple of their offices across North America due to the COVID-19 crisis.
The Live Nation owned company is undergoing a cost savings plan. With the quarantine putting an end to large gatherings, they’ve had little to no revenue for 2020.
The good news is that furlough is letting the employees get by. It came as a surprise to them, but the company assured everyone they would do what they could. That meant avoiding cutting staff. This is something that most other companies do not have the fortune to have. Thousands of people have been affected by the shut down in the live entertainment industry. Without jobs to pay the bills, how do you get by right now?
However, furloughs are temporary and part of their cost-cutting measures. They announced that on April 13 when filing with the SEC of their $500 million savings plan for 2020. Contractors, rent re-negotiations, furloughs, and reduction of elimination of other discretionary spending is to be reduced.
Quarantine hit the concert and touring industry quite hard. With nearly 60,000 killed in the US and 26 million layoffs, this has been a difficult four months to the new year. 2020 would’ve been the best year in Live Nation’s history as Ticketmaster broke records in ticket sales.
Now, after multiple complaints, they’re refunding customers for canceled/postponed shows. Those will start May 1st and go for 30 days from the show date. Chief executive, Michael Rapino, is relinquishing his salary this year while senior staff took pay cuts.
Though, affected employees will receive health benefits and a one to three-week payout. Everyone is planned to return after this is all over so this is just a step in the right direction.