Live Nation Entertainment has begun a second round of companywide furloughs through its U.S. venues and Ticketmaster North America divisions. The cuts affects hundreds of staff members as the concert business continues to grapple with the human costs of the coronavirus pandemic.
In 2019, Live Nation generated $11.6 billion in revenue, but the publicly-traded company is now less than a month away from beginning its third quarter with virtually no revenue and a $185 million in monthly expenses. The touring giant pulled its tours from the road on March 13 and has since only dabbled in pandemic-safe productions, such as drive-in concerts. While Billboard doesn't have an exact number, sources estimate that hundreds of employees have been affected by the latest round of cost reductions, which were first reported by Pollstar.