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Verve Sets Temporary Salary Reductions & Other Cost-Saving Measures Amid Belt-Tightening In Agency Industry & Beyond
Verve has implemented temporary salary reductions, expense and assistant overtime scrutiny amid belt-tightening in agency industry and beyond.
Talent agency Verve has implemented salary cuts for employees above a certain compensation threshold — said to be in the six figures — with the percentage reduction believed to be getting progressively larger for higher earners, sources tell Deadline. The measures are believed to be in response to the tough market conditions as the entertainment industry is undergoing contraction, which impacts agencies like Verve, whose business is primarily in film and TV, particularly hard. The Hollywood agencies have gone through a string of cataclysmic events over the past five years — the pandemic, which shut them down for months, the standoff with the WGA, which ended packaging, and the writers and actors strikes.
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