Report: VELVET REVOLVER's Duff McKagan Tries New Tune As Businessman
July 3, 2007, 17 years ago
EarthTimes.org has issued the following report, courtesy of Reuters:
With his ragged mane and heavily tattooed wiry frame, former GUNS N' ROSES bass player Duff McKagan looks every bit the rock star.
But the 43-year-old musician doubles as a savvy investor, overseeing a diverse portfolio ranging from property and stocks to vintage guitars.
While he draws the line at donning a suit and tie, McKagan also runs the business affairs for his new band, VELVET REVOLVER, which just released it's second album, Libertad.
"I do everything I can do so this band doesn't get ripped off," said McKagan, who subscribes to the online edition of The Wall Street Journal, and constantly checks his BlackBerry for the latest financial headlines."We are the last ones to get paid. We work pretty hard for the money we make."
With the recorded-music business in a tailspin, due largely to Internet piracy, bands have to be financially creative, McKagan said in a recent interview.
Velvet Revolver's first release, Contraband, debuted at No. 1 in the United States and sold 3 million copies worldwide. That is equivalent to 10 million copies in the late '80s, when Guns N' Roses burst on the scene, he estimated.
That's a lot of lost revenue, but the situation is not hopeless. Licensing deals for commercials, movies, ringtones and videogames can help make up the shortfall.
Read the full story here.
