How Bon Jovi, The Cars, and Nina Simone are helping Cleveland’s economy
Rock & Roll Hall of Fame President Joel Peresman said the 2018 induction ceremony is a boon to Cleveland’s economy.
“The actual induction ceremony, it’s really one of our tent-pole events. People don’t realize that the museum in Cleveland still draws over 600,000 people a year,” Peresman told FOX Business’ Maria Bartiromo on “Mornings with Maria.”
“So having the induction ceremony, besides being our major fundraiser… it’s a huge economic driver to a place like Cleveland or when the show is in New York.”
But artists are singing a very different tune. Thanks to the rise of streaming, the landscape of the music industry itself has changed dramatically, according to Graeme Edge, a member of English rock band The Moody Blues, who said artists barely make money off album sales.
“You have to make most of your money on the road,” he told Bartiromo.
“Business has flipped over the last 20 years,” Peresman added. “It’s about touring and merchandise where bands consistently make money.”
The 2018 Rock & Roll Hall of Fame ceremony airs Saturday on HBO. This year’s inductees are Bon Jovi, The Cars, Dire Straits, The Moody Blues, Nina Simone and Sister Rosetta Tharpe.