Word: springsteens
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...Springsteen can gross as much as $1 million a day from live performances at invariably sold-out concert halls and stadiums. "There is no performer today who can sell more tickets than Bruce Springsteen," says Rock Promoter Bill Graham. The 15-month Born in the U.S.A. tour, which ended in October 1985, drew more than 5 million fans to 156 concerts in eleven countries, generating ticket sales of about $90 million. Springsteen's probable share: $50 million...
Gate receipts are not the only reward of touring. According to San Francisco?based Winterland Productions, which handles merchandising for Springsteen, fans at a U.S. concert spend an average of $5 to $6 on souvenirs. Among the items: $15 T shirts, $5 posters and $2 buttons. Total merchandising sales for the last tour were at least $25 million, of which Springsteen is thought to have received more than $8 million...
Even if he never cut another record or played any more concerts, Springsteen would go on earning substantial income as long as his songs are popular. As writer and music publisher, he earns royalties whenever his tunes are played on the radio, as music videos, in jukeboxes or by other performers. According to Gloria Messinger, managing director of ASCAP (the American Society of Composers, Authors and Publishers), which tabulates the airplay of songs and collects royalties for writers and publishers, Springsteen may ultimately earn more than $1 million in such fees from the songs on the Live album alone. Says...
What does Springsteen do with all that money? For one thing, he has a well-developed social conscience. He donated $1.5 million of his earnings from the last tour to such charities as shelters for the homeless, an unemployed-steel-workers' group and food banks. A spokesman for the Vietnam Veterans of America says that the organization might not exist today if it had not been for Springsteen's early, generous and consistent support. Two weeks ago, Springsteen donated an undisclosed sum to a New Jersey food bank to pay for the distribution of free turkeys to the poor...
...Springsteen's known charitable contributions, substantial though they are, amount to only a small fraction of his income. What he does with the rest is a mystery to almost everyone except the staff of Breslauer, Jacobson and Rutman, the Los Angeles accounting firm that discreetly handles many of Springsteen's business affairs. At the firm's elegant quarters on Wilshire Boulevard, a TIME reporter was warned that he would be "thrown out of the office" if he persisted with questions about the Boss's finances...