With the continuity of the COVID-19 pandemic, companies across the entertainment industry are suffering significant losses. This time, ID&T has announced that they will be cutting 40% of its workforce. Previously working with Tomorrowland, ID&T is now facing the toughest decision amidst a pandemic.
Producing events such as Awakenings, Defqon1, Mysteryland, and Sensation, ID&T will have to resort to the last option any company wants to do. ID&T’s CEO Ritty van Straalen stated:
“These are very difficult and emotional times for the company and all employees. The impact of this crisis is unprecedented.”
The massive production company has received payouts from their insurers, however, it is not enough to cut the losses. This is a necessary step in order to keep the company afloat, and hopefully return soon to organizing events. With the pandemic still going on, many companies across the entertainment industry have had to make cuts due to the cancelation of live events. Unfortunately, the entertainment industry was the first industry to shut down and probably will be the last to start up again. We truly hope we can return to partying at events and festivals, as this industry is a spine to many local economies.
Image Credit: Mysteryland, Defqon1, Awakenings
