TicketSwap, the Amsterdam-based secondary ticketing site, had to make some employee cuts amid the coronavirus pandemic.
According to a press release, the company let go of 30% of its staff, mainly in the marketing and support departments, as those employees handled day to day activity which is almost stopped entirely at this time. TicketSwap offered employees to leave by a mutual agreement.
The cuts were among TicketSwap’s cost-saving measures which were implemented when coronavirus began affecting events across Europe. The company paused remuneration for the company’s owners and reduced budgets across all departments. TicketSwap said that the cost cuts were inevitable as it became clear that large-scale events would be the last business to return to Europe.
At the beginning of 2020, ahead of the virus, TicketSwap was expecting a strong year of growth, gearing up for the summer festival season and its expansion internationally. However, now, it has to adapt to the current situation. While the company has reinvested all of its profit back into the fully founder-owned business over the past seven years, they’ve applied for loans and are seeking other investment options.
“It is a very sad day for TicketSwap, but we know we are not the only ones hurting,” TicketSwap CEO Hans Ober said in the release. “Festivals, venues, event organisers, artists and everyone behind the scenes is hurting badly. The fans are hurting too, and it’s imperative that the government does all it can to support the creative sector through this remarkably difficult time.”
The staff reduction means that the company will take a step back, going back to the size it was at the start of 2019. Currently, they’re going to focus on “surviving the storm” with key staff members in place. They’re also going to work on some new features that will help fans when the industry returns to normal, whenever that may be.