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January 28th, 2007

The Business side of U2 @ 12:00 am

wolfp10:
A recent article in Bloomberg.com:

http://www.bloomberg.com/apps/news?pid=20601109&sid=aqdKjGJi9cHc&refer=exclusive

It definitely takes some low blows at Bono and the band, but also provides some interesting information about the business ventures Bono and the band get themselves into.

``We pay a great deal of tax around the world and in Ireland we don't pay any more taxes than we have to,'' says Paul McGuinness, U2's manager. ``We're like any other business.''
 
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From:lastrega
Date:January 28th, 2007 06:18 am (UTC)
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These sort of articles always go the same kind of way. I really think people get annoyed with them for not just pissing their profits up against a tree like a lot of bands do.

So they're smart businessmen...good on them.

And if Bono was talking about how much he donates to various charities then he'd be criticised for big-noting himself for publicity purposes. It's not like there's any way he can win with everyone.
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From:supacatie
Date:January 28th, 2007 06:28 am (UTC)
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At first I wasn't too sure what to make of the whole tax break/moving companies overseas thing. But realistically, they're just like everyone else. My parents invested in property interstate and in other cheaper areas of New South Wales (where I live) for a tax break. They support various charities and encourage myself, my brothers and other people to support in anyway they can. Is that hypocrisy? Because they wanted to invest and get a break? It's also, hardly Bono's sole responsiblity to tackle these issues, they're brought up for everyone to take control of. At least he's not kidnapping other people's children for record sales (ala Madonna) or having babies in Nambia to exploit the countries hospitality and very little medical services (ala Angelina and Brad). I don't care how much tax they pay, as long as they pay it, just like every other worker out there. Regardless of their job. Beside, people like Rupert Murdoch pay very little tax, business or otherwise, what makes this any different? It's not tax evasion, nor is it illegal. They're not the first and the only people to do and I seriously doubt they'll be the last. I'm far from a person who blindly supports someone out of loyalty.
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From:baranduyn
Date:January 28th, 2007 06:35 am (UTC)
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Nobody loves a rich musician, no matter how socially conscious he or she may be. That's the bottom line, to tell you the truth. Well, the press never loves a rich musician, I suspect because the ones who die broke in a gutter are such ~better~ stories: ah, the evul rock 'n roll took another victim, tsk to the tsk.

I generally loathe the press. Sorry. :) And the writer lost me with the first paragraph. If you can't get some of your details right, can I trust you to get all of the rest right?
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From:_serendipity
Date:January 28th, 2007 02:45 pm (UTC)
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Wow, what an incredibly slanted article!

They seemed to criticizing the band for owning the rights to their own music and selling concert t-shirts! Um, they SHOULD own the rights to their own music...they created it! And what band DOESN'T sell concert t-shirts?

The whole thing about moving the publishing facility or whatever it is -- isn't it possible that there were other reasons for relocating than just taxes? And at the end when they make that comment about "paying taxes in the country you live in".... If you own a home in Ireland, I would imagine you pay property taxes on it, plus I'm sure the Clarendon isn't tax free, etc etc. They make it sound like by moving that one location out of Ireland, they are evading ALL Irish taxes....

Perhaps the article would have been more interesting if it was a bit more balanced.

Oh, and I COMPLETELY agree with the previous poster who said that if Bono did talk about how much $$ he gives to charity, he'd be criticized just as much for that. People already harp on his ego.
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From:playingthetart
Date:January 28th, 2007 11:46 pm (UTC)
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I am always amused by people that cannot separate Bono the Rockstar from Bono the activist. They seem to forget that music is a business just because he and the rest of the band aren't completely self-concious individual bastards.

Would Product RED or EDUN be up and running if Bono didn't have the money he made? Would political leaders of any time listen to him if he didn't have the money to throw at them as well? All it takes is a brief conversation with Ali to know they've written money away from their personal bank account for stuff.


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