AEG Live set to make profit on Jackson's legacy
Michael Jackson's sudden death had left AEG Live, the promoter of his comeback concerts, in shock but what initially looked like a huge financial blow to the company may turn out to be a blessing in disguise.world Updated: Jul 03, 2009 20:10 IST
Michael Jackson's sudden death had left AEG Live, the promoter of his comeback concerts, in shock but what initially looked like a huge financial blow to the company may turn out to be a blessing in disguise.
But with plans to turn Jackson's last rehearsal videos into albums and televised tribute, a commemorative ticket plan and insurance money, the company may end up making profits, reported Los Angeles Times quoting AEG chief executive Randy Phillips.
Jackson died weeks before his much awaited sold-out comeback concerts series in London's O2 arena.
"For the record, this great company I work for is not bankrupt. They're not going out of business and they're certainly not in trouble. I'm heartbroken, but the company is fine," Phillips said.
The company had shelled out between $25 million to 30 million in preparation for the shows.
The company, which had sold 750,000 tickets for $85 million for the show, promised to refund the tickets after Jackson's death but gave the pop star's fans the option of a special ticket that featured a three-dimensional image of Jackson instead of a full refund.
So far about 40 per cent to 50 per cent have opted for the souvenir ticket and if the rate of ticket-holders choosing the memento over money holds, the company will break even, said Phillips.