Page 11 - Duff McKagan Case Study
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Moreover, he recognised how things in the music industry had changed
from his time with Guns & Roses which he left in 1997:
“We were playing shows then where shows were a loss
leader to sell albums. Now it’s completely the
opposite,” he said. “You make the most off your ticket
receipts and T-shirts. Now the sexy thing is ‘How many
T-shirts did you sell,’ not records. No one talks about
records.”
The artist still has to pay to make records. So they have to get out on
tour and be smarter about their merchandising. Bands now charge $50
for a T-shirt, a CD and a meet and greet with fans. They now seek tour
sponsors and sell VIP packages tied to credit cards.
McKagan tells of how he was backstage at a ‘Queens of the Stone Age’
concert, hanging out with the band
“I ended up in the corner talking average fuel costs for
the year for tour buses,” he said. “‘Make sure you fill up
in Alabama. Don’t wait until you get to Louisiana.’’”
Word started to circulate in the rock community that McKagan actually
knew something about managing money and he began to get regular
calls from musician friends about all things financial.
McKagan had realised two things:
