Motley Crue wrote: »
I'm just curious here, if anyone can help me, I'd appreciate it.
I - like thousands of others - booked a ticket to see Queen and Adam Lambert in London in June 2020. Gig was rescheduled and currently should go ahead June 2021. I booked the ticket, I think, around Nov 2019 if memory serves.
So my money for that ticket, and everyone else's money, has been sitting in a Bank Account and - possibly - accumulating interest. Naturally the artists and venues have contracts and receive % payments possibly before the gig even happens, but where a gig is delayed so long - and might be continued to be delayed until June 2022, I'm curious as to how much interest could accumulate and who would take that? Would anyone be entitled to that?
To be clear, I'm not suggesting each person be refunded with interest for their tickets should the gig need to be cancelled and the contract breached - but I would be quite interested to know if there is a contingency for this? Do concerts on this level - and there's about 10 dates in London and 3/4 dates in Manchester at the very least - do these dates planned in advance anyway need to go into a Bank Account which doesn't accumulate interest - or can someone earn any sort of money on these funds?
Anyone who has any knowledge of how such operations work, I'd love to know the logistics behind it, having been attending gigs for such a large portion of my life.
Irishphotodesk wrote: »
most if not all banks charge fees for holding large amounts , interest rates are close to zero and in the case of larger accounts there are negative interest rates applied.....in the good-old days when interest rates were high, yes, the promoter would most likely have the money put aside earning interest, but those days are gone probably 10-15yrs now .