Metallica's manager said there's only one way bands make money - and it isn't from music
Getty
And now its manager, Peter Mensch, is saying that bands don't really make any money anymore from music, such as CDs or downloads.
Mensch told BBC Radio's Today programme: "the paying-for-music horse has bolted. Money from touring is the way to make money now. Record sales now are about a tenth of tour income, whereas before, you could make enough money from the music to not need to tour."
But Mensch should know what he is talking about - he has and continues to manage some of the world's most famous rocks bands, including Smashing Pumpkins, Def Leppard and AC/DC.
Recently, as my colleague James Cook reported, Metallica's drummer Lars Ulrich publicly backed Apple's upcoming streaming service Apple Music as it pays the artists it streams music from.
Metallica was one of the most high-profile bands to take a stand against online music piracy, and sued filesharing site Napster in 2000 after the band's music was posted on the site. Ulrich read testimony before the US Senate Judiciary Committee, explaining the damage done to the band by piracy. The lawsuit eventually lead to Napster shutting down after Metallica won an injunction that forced the site to remove copyrighted music.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- From terrace to table: 8 Edible plants you can grow in your home
- India fourth largest military spender globally in 2023: SIPRI report
- New study forecasts high chance of record-breaking heat and humidity in India in the coming months
- Gold plunges ₹1,450 to ₹72,200, silver prices dive by ₹2,300
- Strong domestic demand supporting India's growth: Morgan Stanley