From REO Speedwagon to Delta Rae, rockers are clinging to PPP loans by zogblog
It’s a career choice that is generally much more glamorous than it is profitable, even in normal times. When the Covid-19 outbreak brought live music to a standstill, it turned off the most lucrative spigot not only for acts, but for those they employ, and the financial consequences followed. Bottom of the River
When the pandemic first hit, Delta Rae had to postpone and then cancel all touring for 2020, with the sudden stoppage of cash flow threatening to force some tough decisions for band already operating on thin margins before the crisis. Then Delta Rae applied for, and received, a PPP loan. It was less than $100,000, but changed their outlook drastically.
REO Speedwagon, which grosses about $230,000 in a night, is a much larger business than Delta Rae, but the economics at play are similar. Last year the classic rockers played 52 shows, resulting in gross ticket sales of around $12 million. But acts generally only take home about one-third of their gross, leaving $4 million—call it $5 million when merch and music sales are factored in—for REO Speedwagon’s five members.
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