Music: Eurozone crisis too red hot for Metallica
8 December 2011
The Wall Street Journal Europe
The world of rock is indifferent to the Eurozone's torments. According to the Wall Street Journal, US heavy rock band Metallica, whose hits include The Four Horsemen and Enter Sandman, are accelerating their tour plans “to avoid getting sucked into Europe's debt troubles.”
Touring represents a major chunk of income for major rock acts. In 2010 alone, Metallica earned $110.1 million (€82.2 million) from the activity. Now, instead of playing Europe in 2013, as originally envisaged, they will take a curtailed tour dubbed "European Summer Vacation" in 2012, taking in Norway, Germany, Denmark, England and Austria. The WSJ notes:
With the gloom among investors spreading to richer countries such as France, Mr. [Cliff] Burnstein [Metallica’s manager] is worried that the euro will tank, making it harder for concert promoters in the 17 countries that use the currency to pay Metallica's fees.
Mr Burnstein said –
Over the next few years, the dollar will be stronger and the euro weaker, and if that's the case, I want to take advantage of that by playing more of these [European] shows now, because they will be more profitable for us.
The WSJ adds that The Red Hot Chili Peppers, another group Mr. Burnstein manages, has also brought forward its European plans.
About 75% of the band's revenue comes from touring abroad, Mr. Burnstein said.