Following a series of disastrous financial decisions, Metallica find themselves in severe debt. This according to the band’s biographers, Paul Brannigan and Ian Winwood.
In an interview with literary magazine Weeklings, Brannigan and Winwood claim “Metallica have lost more money than they’ve made” since 2010. Both installments of the band’s Orion Music + More Festival “were disastrous financially,” and the band’s recent concert film Through the Never ended up costing nearly $32 million.
“Factor in HQ staff salaries, crew retainers, and assorted running costs associated with maintaining an entertainment corporation and you can easily understand why the band — of necessity now rather than by choice — are driven to tour Europe every summer,” Brannigan and Winwood added.
Metallica are currently holed away in the studio, working on their long-awaited follow-up to 2008’s Death Magnetic. They do, however, have several upcoming gigs scheduled, including a headlining slot at Rock in Rio USA and a string of European tour dates this summer. They also recently received a big pay day by playing a private show for Salesforce.com CEO Marc Benioff last month. Live audio from that performance has since been available as a free download through the band’s website.