NEW BOOK CLAIMS METALLICA’S FINANCES ARE IN THE RED
A new book out in the U.K. claims that Metallica has made a series of “disastrous” financial decisions over the past five years that has left the band in the red. According to Gigwise, Into The Black authors Paul Brannigan and Ian Winwood claim that since 2010, “It’s likely that Metallica have lost more money than they’ve made.”
The pair explained in an interview with The Weeklings, “By their own admission, the two stagings of the Orion festival were disastrous financially, and the shambles that was the Through The Never movie cost $32 million and will only recoup a fraction of that amount.”
The authors added, “Factor in HQ staff salaries, crew retainers and assorted running costs associated with maintaining an entertainment corporation and you can easily understand why the band — of necessity now rather than by choice — are driven to tour Europe every summer.”
Winwood and Brannigan said that Through The Never — a concert movie mixed with a fictional narrative — took an especially large bite out of the band’s finances. The movie made less than $4 million at the box office.
Metallica is currently working on its 10th studio album, but has a dozen dates scheduled between early May and mid-September, including the inauguralRock In Rio USA festival in Las Vegas on May 9th.
The band recently announced that it plans to reissue all its early albums, starting with a limited edition cassette replica of their legendary 1982 demo, No Life ‘Til Leather, on Record Store Day (April 18th).