Metallica Move European Tour Forward To 2013 Over Euro Currency Fears
With the global economy in seemingly endless crisis, the world's biggest rock bands are responding in the only way they know how.
No, they're not writing protest songs to warm the hearts of the downtrodden masses. They're moving around their tour dates to make a ton of cash.
American rock band Metallica have moved a European tour forward from 2013 to 2012 on fears that a eurozone collapse could affect the value of ticket sales.
Cliff Burnstein, who manages the band with Conservative MP Louise Mensch's husband Peter Mensch, told the Wall Street Journal that with the euro likely to fall in value it makes sense to bring the shows forward.
"Over the next few years, the dollar will be stronger and the euro weaker, and if that's the case, I want to take advantage of that by playing more of these shows now, because they will be more profitable for us," he told the WSJ.
Bands like Metallica can command fees of more than $1m to play festivals and other large concerts.
Since the 2008 financial crisis the band's management have payed closer attention to how the band are paid, and in which currency.
If the euro falls in value, the band requests payment in dollars - and vice versa. If the currency falls in value just before the show, its management buys derivative financial instruments to shore up their side of the deal.
With the eurozone in the midst of a sovereign debt crisis, which some argue is threatening the currency's value - if not its very existence - bands like Metallica are working hard to make sure they don't lose out.
If it means playing more shows in 2012 than previously planned, so be it.
"Nobody is looking to make a foreign-exchange trade to make money, but you don't want to be a loser," Burnstein said. According to the Journal he was wearing a red Economist T-shirt at the time.
Metallica's 'European Summer Vacation' tour will include shows at the Rock Am Ring festival in Germany, and stops in Austria and Britain.
"We're a U.S. export the same way Coca-Cola is," Burnstein told the Journal. "We look for the best markets to go to."
Rock 'n roll...