The_acrobat
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U2 Wages Down as Firm Reports Loss
Sunday Independent, November 30, 2003
Nick Webb
Bono and his fellow rock stars in U2 saw their salaries paid from one of their companies tumble from more than ?13.2m in 2001 to a mere ?49,309 last year. This is unlikely to have caused any great hardship for Bono, the Edge, Larry Mullen and Adam Clayton as their combined wealth has been estimated at about ?635m.
U2 Ltd., the company controlled by Bono and the other band members, reported losses of nearly ?3.5m last year compared with a small profit a year earlier. Turnover at the company, which describes its income as coming from the sale of master tapes and video tapes, sank from over ?17m in 2001 to just ?1.78m last year. U2 Ltd. has accumulated losses of just under ?10m, according to the latest accounts filed in the Companies office.
In 2001 the band embarked on the hugely lucrative Elevation tour, although sales of a second greatest hits album last year were somewhat disappointing. The band spent ?203,000 on video shoots last year compared with ?886,000 in 2001. Wardrobe expenses rose from a mere ?3,701 to ?28,735. Album costs passed the ?896,000 mark as the catering bill dropped to ?1,069. Producer fees also dipped, falling from ?2.32m to just over ?1.7m.
The band spent absolutely nothing on entertainments in 2002, compared with ?11,394 in the previous year.
The accounts also note that the company suffered a ?456,000 loss on foreign exchange over two years. It is one of a number of small financial reverses that hit the business. Bad debts totalled ?95,000 over two years, while there was also a hefty ?396,000 bill for flood damage.
U2 Ltd., is owned by Not Us Ltd., which was carrying losses of ?17.3m last year largely due to the movement of money and loans through the complex U2 corporate structure.
There also appears to have been some change in the ownership structure of the Clarence Hotel. Brushfield, which is involved with the hotel, was transferred from group ownership. "As a result of the transfer of Brushfield from the group the entire debt owed from Brushfield of ?3.77m was assigned to the directors of the company."
? Irish Independent, 2003.
Somebody please tell me what this means? Have U2 album sales dropped an incredible amount? And is this a sign of bad days to come, what with the new album and tour on the way?
U2 Wages Down as Firm Reports Loss
Sunday Independent, November 30, 2003
Nick Webb
Bono and his fellow rock stars in U2 saw their salaries paid from one of their companies tumble from more than ?13.2m in 2001 to a mere ?49,309 last year. This is unlikely to have caused any great hardship for Bono, the Edge, Larry Mullen and Adam Clayton as their combined wealth has been estimated at about ?635m.
U2 Ltd., the company controlled by Bono and the other band members, reported losses of nearly ?3.5m last year compared with a small profit a year earlier. Turnover at the company, which describes its income as coming from the sale of master tapes and video tapes, sank from over ?17m in 2001 to just ?1.78m last year. U2 Ltd. has accumulated losses of just under ?10m, according to the latest accounts filed in the Companies office.
In 2001 the band embarked on the hugely lucrative Elevation tour, although sales of a second greatest hits album last year were somewhat disappointing. The band spent ?203,000 on video shoots last year compared with ?886,000 in 2001. Wardrobe expenses rose from a mere ?3,701 to ?28,735. Album costs passed the ?896,000 mark as the catering bill dropped to ?1,069. Producer fees also dipped, falling from ?2.32m to just over ?1.7m.
The band spent absolutely nothing on entertainments in 2002, compared with ?11,394 in the previous year.
The accounts also note that the company suffered a ?456,000 loss on foreign exchange over two years. It is one of a number of small financial reverses that hit the business. Bad debts totalled ?95,000 over two years, while there was also a hefty ?396,000 bill for flood damage.
U2 Ltd., is owned by Not Us Ltd., which was carrying losses of ?17.3m last year largely due to the movement of money and loans through the complex U2 corporate structure.
There also appears to have been some change in the ownership structure of the Clarence Hotel. Brushfield, which is involved with the hotel, was transferred from group ownership. "As a result of the transfer of Brushfield from the group the entire debt owed from Brushfield of ?3.77m was assigned to the directors of the company."
? Irish Independent, 2003.
Somebody please tell me what this means? Have U2 album sales dropped an incredible amount? And is this a sign of bad days to come, what with the new album and tour on the way?
So release the album already, guys! 
