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Monday
July 6, 2009
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AEG May Still Make Money Off Canceled Michael Jackson Concerts

AEG May Profit From
Canceled Concerts
The cancelation of 50 Michael Jackson shows at London's O2 arena at "first seemed a devastating financial blow" for concert promoter AEG, but it "could turn into an unexpected boon," according to Lee & Ryan of the L.A. TIMES. AEG Live had "shelled out between" $25-30M in preparation for the sold-out performances, and "many speculated that the company would suffer severe losses." But AEG Live President & CEO Randy Phillips last week "contended that a combination of insurance planning and the worldwide demand for commemorative tickets and anything else Jackson-related could erase the losses and potentially generate substantial profits for the company." AEG sold $85M in tickets for the show, and days after Jackson's death, the company "offered the nearly 1 million ticket-holders the choice of a full refund or a special ticket that featured a three-dimensional image of Jackson." Phillips said that "so far about 40% to 50% have opted for the souvenir ticket." Phillips added that if the "rate of ticket-holders choosing the memento over money holds, the company will break even" (L.A. TIMES, 7/3).

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