Features
Jackson Losses Tempered
No doubt the loss of the most anticipated concert dates of the year will affect AEG Live’s bottom line, but the promoter has some opportunities to recoup potential losses from Michael Jackson’s untimely death.
AEG Live has been said to face an $85 million loss by refunding ticket costs to patrons of the “This Is It” shows in London. That figure could be offset by several factors, one being commemorative tickets.
Photo: AP Photo
Isaac Addis, center, looks at a makeshift memorial for pop star Michael Jackson outside the Jackson family home in Encino.
In lieu of a £75 ($125) refund, fans can be mailed the physical tickets as mementos of the shows that could have been. According to AEG, “thousands” have chosen to do just that. Of course, “thousands” should be weighed against the 750,000 tickets sold but in the era of eBay, there could be a significant number of people who will choose the piece of paper.
Also, there is rumored talk of doing tribute concerts. The MJ production was already complete, at a cost of up to $20 million, and all of the dancers had been selected and rehearsed. With 50 nights available at The O2, and a worldwide clamor for all things MJ, the suggestion could be valid.
Meanwhile, by all accounts the final rehearsal was filmed in high definition and could one day, maybe in the near future, see placement on a department store end caps.
Of course, even added together, there is no tradeoff for the hundreds of millions in profits Jackson was about to provide. And compensation from insurance will be an unknown for maybe years.