Ticketmaster To Cut Approximately 300 Jobs October 22, 2008
- Touring
By Mitchell Peters, L.A.
Ticketmaster will cut approximately 300 jobs as part of a cost-cutting plan announced in August. Those cuts account for about 5% of the ticket company’s global workforce, according to a Ticketmaster spokesperson.
Ticketmaster’s estimated $35 million reduction in operating expenses is part of the company’s 2008 acquisitions of ticketing companies TicketsNow and Paciolan.
Many of the layoffs are a result of in-house restructuring caused by the acquisitions, and are not related to the fact that Ticketmaster’s ticketing deal with Live Nation expires at the end of this year, the spokesperson tells Billboard.biz.
Live Nation will launch a full-service ticketing company in January 2009. The live entertainment company represented approximately 18% of Ticketmaster’s combined revenue for the three months ended June 30, 2008, according to an SEC filing in September.
In August, Ticketmaster spun off from parent company IAC. The ticketing company now operates as a free-standing, publicly traded company.
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