Cancelled Jackson Concerts Mean No Fincancial Loss for Promoter
Expected financial loss for the concerts' promoter may no longer be seen.
If the promoter for Michael Jackson's cancelled London shows were expected to lose money from ticket sale refunds, the opposite may occur.
According to New York Times, AEG Live, which promoted Jackson's planned shows in London, had invested at least $25 million in the concerts. They sold $85 million in sales tickets, many of which could be refunded. On top of all of this, the company's insurance coverage is not yet determined due to no official cause of Jackson's death.
Los Angeles Times reports that AEG, however, may gain financially from the cancellations at London's O2 arena. They have offered ticket buyers a refund or a souvenir ticket with Jackson's face in 3-D. So far, 40% to 50% have chosen the souvenir instead of a refund.
The company also has plenty of footage to make a CD and DVD of Jackson's final rehearsals, Reuters reports. This process could erase debts on his house and give AEG more money.
