Christopher BarrettLive Nation Entertainment (LNE), the world’s largest concert promoter, is taking further cost cutting measures, including the furloughing of hundreds of staff across its North American concerts, venues and ticketing operations, according to a report in Pollstar.
In August the live entertainment conglomerate, which owns Ticketmaster, reported revenue of $74.1 million (£55.7m) during its second quarter, a 98% drop compared to the $3.15 billion (£2.7bn) achieved during the same period last year.
Having pulled its tours in March as part of the worldwide Covid-19 live event shutdown, April saw LNE announce a $500 million cost cutting exercise that involved LNE president and CEO Michael Rapino volunteering to forego his $3m (£2.2m) basic salary, while other senior executives’s salaries reduced by up to 50%.
A month later LNE furloughed around 20% of its staff in North America.