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Reports from Dutch Media on Monday say ID&T is having to make drastic cuts to staffing to survive in these unprecedented times, and have announced a major restructuring plan that means the loss of 40% of jobs.
Founded in 1992, ID&T is the world’s leading electronic music events brand who organise around 80 events a year from Mystryland to Awakenings and Masters of Hardcore. They are also co-founders of Tomorrowland, the worlds biggest festival. Ritty van Straalen, CEO of ID&T this week announced the changes which have come as a direct result of the Coronavirus pandemic and continue to show just how far the economic ripples of the global lockdowns have gone.
“ID&T originated from a group of close friends with the same passion to bring people together. This culture is still the foundation of the company almost 30 years later.” He said, “These are therefore very difficult and emotional times for ID&T and of course all employees. The impact of this crisis on our industry is unprecedented. Despite the fact that we also make use of government schemes, such as NOW and TVL, and we have now reached a settlement with three of the four insurers, the losses are taking enormous proportions and there is no clear dot on the horizon.”