Features
LN Plays Down Finnish Cuts
Live Nation president of European concerts John Reid is playing down reports the company’s cutting staff in its Finnish office because last year it dropped $1.5 million, saying he’s just reviewing “costs and overheads.”
Reid, who says he has no idea where the reported $1.5 million figure came from, told Pollstar that Finland is proving “a more difficult market” than the rest of Europe, where LN’s stadium acts and tours are doing well.
“It has also fewer festivals to compensate for any slowdown, so we must keep costs and overheads under constant review,” he said. “This is a prudent step and our local country organisation is complying with all the relevant consultation requirements.”
On June 16 the Wall Street Journal reported Finland’s Finance Ministry has lowered its forecast for economic growth in 2014 from 0.5 percent to 0.2 percent.
The news of the cuts hit Finnish papers June 10, when LN’s Helsinki office announced it was in talks with some of its 40 staffers regarding layoffs.
These “co-operation talks” are a requirement of Finnish employment law for a company that wants to either make staff redundant or temporarily lay them off.