The Rolling Stones, Rolling in Dollars!

Last week, I had the pleasure and privilege of flying to Pittsburgh, PA. to see the Rolling Stones play an outdoor concert at Heinz Field, home of the Pittsburgh Steelers!  I flew from LaGuardia to Pittsburgh (a 1-hour flight) and my best friend Jay, from Lehigh University (who lives in Bel Air, Maryland) picked me up at the airport and we drove to center city Pittsburgh for a 2-night stay.

This was not an everyday show, as the Stones have been jamming for almost 60 years.  One of my favorite Rock bands, I have seen The Stones opening their 1989 Steel Wheels tour in Philadelphia, at the MGM Grand Hotel in Las Vegas, and also in 1994 Toronto to name a few.  That 1989 tour is when the Stones changed what was a typical stadium tour into a theatre-like setting with huge blow-up dolls while playing “Honky Tonk Woman!”

Other than perhaps Kiss, the Rolling Stones have mastered the marketing of their brand and logo, the famous Big Red Lips and Tongue.  For Mick Jagger and the Rolling Stones, Rock and Roll is BIG Business!

The Stones had last played Heinz Field in 2015.  The total capacity of Heinz Field is 68,000, although they do block off about 15,000 seats behind the stage.  Their revenue from that 2015 Pittsburgh show was $9,000,000 from the 50,000+ fans that attended.

Mick Jagger arguably the best frontman in history, is, in my opinion, what makes the Rolling Stones different from all other bands.  Few people know that Mick spent some of his teenage years studying Finance and Economics at the prestigious London School of Economics, before quitting school to start a band! 

Most bands concentrate on their craft and leave the day-to-day business operations to their agents.  Not 78-year-old Mick, whose net worth is over $360 million.  The Rolling Stones operate like a well-oiled business with 300 employees. It costs them $1,000,000 per week to “keep the show on the road!”  They had 11 people on stage and many more behind the scenes.  In a 1994 interview with Ed Bradley of 60 minutes, (the 14-minute interview can be seen on YouTube) Mick referred to himself as the Chief Executive of Business Operations of a Mobile Virtual Corporation.

Here are 5 surprising lessons business owners can learn from Mick Jagger:

1. It is Not Enough to Have a Great Idea or Product: There have been many great bands over the years; however, only a few have ALL members financially secure for life.  It takes business skill to know what gigs to book, how to promote new albums, how much to charge for tickets, and how to manage employees.
2. Learn from Your Mistakes: The Stones lost big money in the 1960’s.  Jagger was quoted in a 2002 Fortune Magazine article saying, “I’ll never forget the deals I did in the 60’s, which were just terrible.  You say, oh, I’m a creative person, I won’t worry about this.  But that just doesn’t work!”
3. Do NOT Give Up: The Stones song “You Can’t Always Get What You Want” carries a message for small business owners.  “You can’t always get what you want, but if you try sometimes, you might just find, you get what you need!”
4. Stay Relevant: One of the reasons the Stones have had staying power through generations is because they keep people talking.  Whether putting out new albums, licensing their old songs to new movies, the Stones continue to be a topic of conversation.
5. Understand the Importance of Collaboration: Jagger has made many savvy decisions about partners.  Two band members (until drummer Charlie Watts recently passed away) have been with him since the 1960’s.  Others have shuttled through the band over the years.  It is important to know when to make changes for the betterment of the band.

Mick Jagger and the Rolling Stones have lived long and storied lives.  Since Mick has 8 children with 5 women, it is good that he has been prudent with his money.  He made an excellent career choice, and when you do what you love, work will never be a chore!  Rock On Rolling Stones!