mo'value, mo'problems
Page: 7,
Date: 11/15/2008
Full Text:
Even though the country is going through an economic crisis, the dollar’s value has managed to go up. While this may sound good in general, it is not bringing anything good to the touring industry. Artists and promoters are finding that the strength of the dollar is hurting their profits when touring internationally. The change in value is big given the short amount of time that it happened in, and deals that were made a while ago aren’t looking so good now. One example was with Celine Dion. When touring in Canada, the settlement was off by 20% because of the dollar change. There have also been issues with other artist’s earnings like Tom Petty. The strong value of the dollar is causing artists to reconsider touring in other countries and causing them to cancel shows or at least postpone their tours over seas until the second part of next year. Tour negotiation is going on hold for the most part to see how this currency issue plays out, because even though bands would like to tour in other countries its too hard to set out payment until the dollar is more stable.
