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Metallica Cancels Australian Tour due To Plunging Currency By Newsferatu, Writer Saturday, December 6, 2008 @ 5:55 PM
This report from Reuters: Sources say negotiations over Australian tours by Paul McCartney, Neil Diamond, Green Day, Madonna and Metallica have been shelved until the financial situation settles. Some of those acts were expected to play Sydney's 21,000-capacity Acer Arena. "We've seen a couple of tours blow out," the venue's business development manager Don Elford says. "It probably has a lot to do with the dollar." Promoters who agreed to pay acts in U.S. dollars during the Aussie currency's ascent have been badly stung. For example, if a promoter had agreed to pay an overseas act $9 million U.S. for an Australian tour, paying half of that upfront and the remaining $4.5 million when the act arrives. The second payment would now cost almost $7 million Australian -- rather than the $4.6 million Australian it would have cost in mid-July. "We're all taking a battering," says Andrew McManus, managing director of Melbourne-based AMP. Read the rest of the report here.
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