Roc Nation is furloughing employees and making pay cuts across the company after Jay-Z himself donated several million dollars to COVID-19 relief funds.
The furloughs extend across all Roc Nation departments and include Tidal. The marketing and events departments are the most affected with Roc Nation’s music touring and sports departments at a standstill.
The company is a partnered with Live Nation who owns more than 50% of the company. Live Nation itself announced its own furloughs and pay cuts in the face of weathering the pandemic. CEO Michael Rapino will forego his $3 million-plus salary this year, while other execs are taking huge pay cuts.
The Shawn Carter Foundation has donated millions to several coronavirus relief efforts donating $1 million to support undocumented workers and the children of frontline healthcare workers as well as joining with Twitter to raise $6.2 million in coronavirus relief grants.
2020 is shaping up to be a nightmare for the live event space. Coachella and Bonnaroo postponed their earlier dates and may be facing cancellation altogether. It’s unclear if any shows will be back in 2020. The reality is setting in that the economy isn’t going to spring back overnight.
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