Layoffs at AEGPresents
Presents, the world’s second-largest live-entertainment company, on Monday , according to a memo from CEO Jay Marciano obtained byThe live-entertainment business has been laid flat by the coronavirus pandemic, with no solid timeline for when it might return. Even the most optimistic predictions don’t foresee any traditional concerts returning until late this year at the very soonest, and realistically, it will be at least 18 to 24 months before arena-sized crowds gather.
In the memo, Marciano references a prior memo from president Dan Beckerman that specifically addressed cutbacks, and he acknowledges how difficult the move is to make during a pandemic and mass protests across the country.Concert Industry Hits Peak Bleak as Artist Guarantees Disappear, Refunds Get Complicated
“We did not come to today’s decisions lightly. During the last few months we kept our company intact to ensure that those of you who would be the most affected would have the best safety net we could provide. While it’s small solace, I see this as a testament to the culture that exists at AEG and the important role you have played in building this environment.”
“I don’t think it’s an overstatement to say that, just a few short months ago, nobody in our business — or any business — could have predicted where we would be today. The world has changed with an impact and scope that’s impossible to fathom,” he wrote.
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