A special report on the economics longevity.
Rock around the clock
The other gig economy.
Rockers are no different from the rest of us: they, too, need to work for longer to maintain a decent standard of living in retirement.
Previous generations could rely on record sales and royalties to fund their pensions, but digital disruption has largely closed off such revenues, so the performers have to get back on the road.
That involves new financial risks.
Rock stars have always been risky assets; one study suggests that they are 1.7 times as likely to die as others of the same age.
Now that revenues from concerts have become so much more important, the potential losses to tour organisers have ballooned.
That applies all the more if the performers are a bunch of 70-year-olds who may not always have treated their bodies as temples.
This is where financiers come in.
Concert organisers and others who depend on mature rockers for their income are more likely to insure against the risk that their performers might not show up, says Jonathan Thomas, a Lloyd's underwriter.
He has seen this market for “non-appearance products” grow as musicians get older.
Film studios take out similar cover for mature stars.
Disney must have been relieved to have done so for Carrie Fisher, who died at the age of 60 last year before completing filming on all the “Star Wars” films she was contracted for, triggering a claim which could go up to $50m.
1.close off 封锁；隔绝
例句:I think we shouldn't close off any avenue of investigation.
2.go up 增长；上升
例句:Prices have gone up 61 percent since deregulation.
3.take out 取出；拿掉
例句:When you edit the tape you can take out the giggles.
4.show up 现身；出席
例句:I had to stand in for her on Tuesday when she didn't show up.