GVB spends more to produce the Guam Live concerts than it collects to make up for their expenses.
Guam – Since it’s inception, the Guam Live concert series has cost a total of $1.4 million. So far, it has generated a little more than a third of that in revenue.
If it was a business it probably would’ve gone under. The Guam Live concert series that the Guam Visitors Bureau has been operating since 2014 appears to have been operating at a loss.
According to documents that the Pacific News Center requested under the Freedom of Information Act GVB has spent a total of $1,421,422.75 on the Guam Live concert series since it began in 2014. Meanwhile, it has only generated $546,111.87 in revenue since 2014.
It should be noted that these numbers are excluding some collections that they are still expecting for 2017; however, it is also excluding some expenses they have yet to tally for 2017.
Nevertheless, the reports for years 2014, 2015 and 2016 are complete and those numbers also reflect a loss.
Most of the money appears to have been spent on talent fees. In 2014, they spent $46,500 for Sublime with Rome, $65,000 on Matisyahu, and $30,000 on Pia Mia. Total expenses reached $198,814.63 while total collections were only $98,765.43 or about a $100,000 loss.
In 2015, it says they spent a total of $304,750 on talent fees however some of the fees were paid to an agency rather than directly to the talent. $100,000 was paid as a reimbursement for talent fees to a Creative Artists Agency, and the rest of the payments were simply listed as talent fees and talent deposits but the document doesn’t say who they were paid to. A total of $361,860.33 was spent in 2015 and only $124,650 was collected in revenues for a loss of $237,210.33.
In 2016, $253,579.65 was spent on talent $75,000 of which was paid to Pia Mia, the rest was spread out amongst Fiji, Mana’o Company, Kolohe Kau, Micah G, Collie Budz, and Common Kings. $8,410 was also spent on per diem for Collie Budz, Common Kings, and Pia Mia. In 2016, they spent a total of $451,959.03 and collected only $294,206.44 for a loss of $157,752.59.
In 2017, $277,823 was spent on talent but this is not the final figure for talent. One payout reflects a 50 percent deposit of $37,500 to the group called Magic but the remaining 50 percent talent fee to Magic is not reflected.
As for revenue generated, there is only one item of $15,000 listed for 2017, so there still could be a lot of outstanding money yet to be collected for 2017.
Again, this report does not include all of the money they are expecting to collect for 2017 nor does it include all of the expenses.