The ticketing giant StubHub has begun furloughing employees, making it the first major ticketing company to publicly admit to significant cost-cutting moves in the wake of financial damage caused by the coronavirus pandemic.
Following the postponement or cancellation of hundreds of sporting events — including 448 NBA and NHL games, along with the start of the MLB season and the entirety of March Madness — the ticketing industry has been grappling with the massive financial implications of empty arenas and other live-event venues, including all spectator sports in the United States.
In a statement to ESPN, StubHub said, “Given the impact of the coronavirus on the live-events industry, we have made the difficult but responsible decision to furlough a portion of our employee base.” The company emphasized it will “continue to support our customers and partners.”
ESPN reported last week that StubHub, along with other major ticketing sites, would provide fans who purchased tickets to canceled events a full refund or “a coupon worth 120% of their original order to use on a future order.”
While StubHub would not provide specifics on the number of people furloughed, the entertainment…