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Online Ticket Booking Platform, BookMyShow has laid off or furloughed 270 of it''s employees fearing that it may face a huge revenue loss in this COVID- 19 Pandemic Situation.
Several tech-led businesses including Ola, Uber, Zomato, and Swiggy have laid off their hundreds of employees for the cause of reduced earnings and unsuitable business environments.
BookMyShow Chief Executive Ashish Hemrajani said that out of their 1450 employees in India and Globally, they're laying off around 270 employees due to reducing cost align of the total revenue.
Hemrajani also said that they tried their best to manage all the insurances, financial support to help those who are impacted by this downsizing exercise.
He also added that the team which is staying is voluntarily taking salary cuts ranging from 10% to 50% and also they also agreed to lay off all the bonuses and salary hikes which they were getting this year.
Hemrajani also said that BookMyShow has also made a temporary disconnection with all its vendors, theatre partners, and landlords to take cost-saving measures in this pandemic situation. They also renegotiated with all their partners. He also said that the layoffs are not based on the person's individual performance but due to the financial situation of the company.
Due to the lockdown, Cinema Halls, Theatres, and Stadiums are closed. People are staying indoors so the business and those who are ancillary services are obviously impacted.
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