Jay-Z’s Roc Nation Reportedly Furloughs Employees And Initiates Staff Pay Cuts
Yohance Kyles (@HUEYmixwitRILEY)
(AllHipHop News) The ongoing global COVID-19 pandemic is impacting nearly every industry in the country. Over 22 million Americans - approximately 13% of the US workforce - have filed for unemployment benefits in the last four weeks.
The entertainment business has been immeasurably hit by the economic downturn caused by social distancing and self-quarantining to prevent COVID-19 contact. According to Variety, Shawn “Jay-Z” Carter’s Roc Nation is one of the firms that was forced to implement multiple furloughs and 10%-20% pay cuts as a result.
Reportedly, at least half of the company’s staff, mostly lower-level employees, were involved in the financial cutbacks. The record label and management agency made the cost-saving moves as nationwide “stay at home” orders halted music touring and sports events, two of Roc Nation’s key sources of revenue.
The label section of Roc Nation is home to Jay-Z, Rihanna, J. Cole, Jay Electronica, The Lox, Jaden Smith, Willow Smith, Rapsody, Vic Mensa, and others. The management wing includes acts such as Alicia Keys, Benny The Butcher, Big Sean, Fabolous, Lil Uzi Vert, Mariah Carey, Meek Mill, Megan Thee Stallion, Westside Gunn, and Yo Gotti.
Angie Martinez, Cipha Sounds, and Van Jones are also represented by Roc Nation. As far as athletes, the Roc Nation Sports roster consists of CC Sabathia, Dez Bryant, Eric Bailly, Jalen Rose, JuJu Smith-Schuster, Kyrie Irving, Mosaad Al-Dossary, Robinson Cano, Skylar Diggins-Smith, Victor Cruz, and more.
Since the COVID-19 outbreak began, Jay-Z’s Shawn Carter Foundation has made several donations to various relief efforts. The billionaire Hip Hop mogul joined with musician/entrepreneur Rihanna and Twitter CEO Jack Dorsey to create a $6 Million coronavirus-relief fund. He also partnered with Meek Mill and the REFORM Alliance to offer 100,000 surgical masks to healthcare workers, inmates, and correctional officers in US prisons.