Live Nation furloughs 20% of workforce to reduce costs

According to Billboard, 20% of Live Nation's staff has been furloughed in an attempt to reduce costs by $600million due to the COVID-19 pandemic.

In the first stage of the pandemic, Live Nation's stock plummeted 60% to $29.50 on 18 March. As of 15 May, shares have risen to $40.06.

Live Nation said in a statement published last month, "As part of these cost reduction efforts, the company will implement salary reductions, with salaries for senior executives reduced by up to 50%, and the company’s CEO voluntarily forgoing 100% of his salary for the duration of the salary reduction program. Additional cost reduction efforts include 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."