Saturday, October 18, 2008

Bono's friends: LiveNation gives chunk to U2

The deal between U2 and LiveNation which sees U2 leave Island for the company included U2 receiving about $19million worth of stock in the company.

It's so nice when workers get to take a stake in the employers, isn't it?

Neil Young, back in 2003, before it became politically necessary for Clear Channel to spin off LiveNation, observed:

"They are anti-music, and they don't get the spirit of it."

But, like U2, they do understand money. LiveNation tends to operate something of a monopoly in the medium-and-up concert promotion field in the US, and exploit that to keep prices high, sucking as much money out of concert goers as they can. Not just at the box office, but also through concession stands, too. Still, as you're being shaken down in future, you can be happy knowing that a slice of the supernormal profits will be going to keep Bono comfy enough as he lectures the rest of us about poverty.