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US companies make drastic staff and salary cuts as Covid-19 bites

UNITED STATES -
World News
April 18, 2020

FROM BOOKING agencies to ticketing companies, the COVID-19 crisis has resulted in significant staff lay-offs and pay cuts across the live music industry.

Figures being reported show Paradigm Talent Agency, ICM Partners and WME among those to have laid off hundreds of staff, while UTA and CAA have cut staff wages.

Paradigm was one of the first to take action, with more than 100 staff laid off initially, although later reports put the figure at more than twice that.

ICM has laid-off “floating assistants”, who are not assigned to a specific agent or department. It says the affected staff will be invited to reapply for the lost positions once the crisis is over.

WME says it is cutting around 250 staff and that many remaining employees will see their salaries cut between five and 30 per cent.

UTA, which has around 1,200 employees worldwide, says salaries will be cut across the company with CEO Jeremy Zimmer and co-presidents Jay Sures and David Kramer forgoing their salaries for the remainder of this year.

CAA says it is making pay cuts of up to 50 per cent with the highest earners being impacted the greatest. President Richard Lovett and co-chairmen Bryan Lourd and Kevin Huvane will not take a salary for the remainder of the year.

In the ticketing sector, Eventbrite has laid off around 45 per cent of its staff, approximately 450 people, in a bid to save $100 million. President Julia Hartz has chosen to forgo her $390,000 annual salary.

Meanwhile, secondary ticketing website StubHub, recently acquired by Viagogo, has furloughed around 300 staff, two-thirds of its US workforce.

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