They’re now trying to recover advances made to their brokers but are encountering huge roadblocks.
The bad news for the producer is they’ve already paid about $350,000 (P20 million) to the broker’s offshore partner in Korea.
That represents roughly half of the supposedly inflated talent fee.
That money, paid a few weeks before Christmas, is likely gone, or at least partially spent. But we’re told the producer is still trying its luck recovering some of it.
What’s curious about this sad turn of events is that the project was doomed from the start, at least from a financial standpoint.
With a total production budget of almost $1 million, about 68 percent allocated to talent fees alone, the producer would have a hard time turning a profit.
No wonder fans complained about the high ticket costs and shunned the show—the producer had no choice.
The most baffling part? Even with those prices and a fully sold-out concert, sales projections indicated the producer would still be millions of pesos in the red.
As a former Canadian prime minister recently said on national television: “Make that make sense.”
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
