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Warner Music Group disclosed in its first-quarter earnings release that it bought Bulldog–the promotion company that put on those “$3,000 a pop if you’re stupid enough to pay to get in, free if you’re famous” Social@Ross shows that featured artists like Billy Joel–last May, but that it has since bailed out of the company and will take an $18 million charge on the venture, which comes out to a 12-cent loss per share. WMG’s overall earnings this quarter took an 11-cents-a-share hit. Honestly, where did they think they were going to make the money from on that series? Product placements in gossip columns? [Silicon Alley Insider / Photo: Getty]
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May I remind this column that Billy Joel & Elton John toured together a few years ago and sold out every venue they played (except, of course, The Pyramid in Memphis….), which would make this seem like a sound investment to lure the wealthy — unless, of course, you’re an incompetent promoter who has no idea what you’re doing. People with money love stuff like this. Right now, though, there aren’t as many people with money as there were when this venture started.
@loudersoft: But the problem is that a good chunk of attendees didn’t pay to get into these shows. They were intimate celebrity clusterfucks.
@Maura Johnston: I mean, look at the Getty red-carpet photos and the Roger Friedman columns and you’ll realize that the number of paying customers for this was nil. And I am pretty sure that these shows were devised as “benefits” for the school where it was held, too.
@Maura Johnston: This would be the part I alluded to about an “incompetent promoter who has no idea what you’re doing”. Pretty sure that covers throwing money away, the fraternity of celebrity and the douchebaggery that seems to follow it.