Rolling In the Dough

Written by Eric Olsen
Published September 18, 2002

The new Fortune has an entire section on the Rolling Stones money-making machine. Inside Stones Inc:

    Jagger is eloquent and informed, but he has a disclaimer: "I don't really count myself as a very sophisticated businessperson," he says as he leans back on the couch. "I'm a creative artist. All I know from business I've picked up along the way. I never really studied business in school. I kind of wish I had, kind of, but how boring is that?" he says with a grin.

    Like the protagonist in one of his most devilish songs, Mick has been around for many a long year. He had plenty of smarts to begin with, and now he has 40 years of music industry experience under his belt. Jagger may be getting a trifle old to rock & roll--he'll turn 60 next July--but from a business perspective he's at the top of his game. Which makes sense in a way. After all, that's a typical age for a CEO of a large, multinational organization. (Okay, so most of the CEOs we follow don't have to swivel-hip their way through "Midnight Rambler," but you get the point.)

    There are, of course, plenty of detractors who say the Rolling Stones should pack in their guitars and drumsticks. "Way old," they sniff, "and way irrelevant." I have two responses, one subjective and one objective. Subjectively, the Rolling Stones sound pretty damn good, even after all these years. And objectively, if they're such has-beens, then how do you explain the band's phenomenal commercial success over the past decade? No, they aren't writing groundbreaking songs anymore--in fact they haven't really recorded any new material of note in 20 years--but we sure are listening to their old stuff. A lot. And buying concert tickets. Millions and millions of them. And that's the wrinkle here. Even though the Stones have been in what you might call a creatively fallow period, we want to hear them more than ever. Couple that with the fact that they have perfected their business model, and it's easy to understand why they are such an astounding moneymaking machine.

    The bottom line is this: "The only rock & roll band that matters," or "the greatest rock & roll band in the world," or whatever you want to call Mick, Keith Richards, Charlie Watts, and Ronnie Wood, they are far and away the most successful act in rock today. Since 1989 alone--the beginning of the modern age of the Rolling Stones (more on that later)--the band has generated more than $1.5 billion in gross revenues. That total includes sales of records, song rights, merchandising, sponsorship money, and touring (see charts: Hot Licks and Packing Them In). The Stones have made more money than U2, or Springsteen, or Michael Jackson, or Britney Spears, or the Who--or whoever.

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Career media professional Eric Olsen is honored to be the founder and publisher of Blogcritics.org, which, quite frankly, rules - as do his wife and four children.
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Rolling In the Dough
Published: September 18, 2002
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Section: Music: News
Filed Under: Music: Rock
Writer: Eric Olsen
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#1 — September 19, 2002 @ 02:08AM — James Russell [URL]

So what did Mick learn at the London School of Economics if not business? Handicrafts, perhaps?

#2 — September 19, 2002 @ 10:44AM — Eric Olsen

He said "history of economics."

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