Aerosmith recently revealed that the band is officially retiring from touring. They announced in a statement last week that they are canceling the rest their farewell tour as Steven Tyler is dealing with a vocal injury that he suffered last year. Aerosmith first started the Peace Out farewell tour in May of 2023, but played just three shows before pushing dates back after Tyler injured his Larynx. The band announced the new show dates back in April. They had originally planned to continue the tour in September.
Aerosmith might have faced huge financial loss
People magazine recently spoke to Higginbothan Insurance’s managing director, Paul Bassman, to find out Aerosmith’s financial loss after the cancellation of their farewell tour.
Bassman said:
“Aerosmith would lose the money that they were going to get in guarantees, but they wouldn’t get paid because they didn’t fulfill their obligations under the tour agreement. It’s a possibility that maybe Aerosmith or Steven Tyler took out a disability policy that would cover catastrophic illness or injury.”
Bassman explained that for a disability policy to pay out, the injury or illness must be severe enough to potentially end a career and prevent him from touring for 6 to 12 months. The insurance expert confirmed that Tyler’s condition qualified him for it but shared:
“I would say challenging to procure the insurance and perhaps very expensive. [Aerosmith] will still be out expenses for their crew, and who knows what kind of contracts they sign with their bus companies and their trucking companies, whether they have to pay the whole thing or there’s a, ‘Hey, we canceled the tour, we’ll pay you 50%.’”
He added:
“Every contract has different provisions on what happens if. They would still get paid what they made for the shows they performed.”
During Aerosmith’s concert at UBS Arena in Elmont, New York on September 9th last year, frontman Steven Tyler fractured his larynx forcing the rest of the tour to be called off. This marked their last concert. The cancellation unfortunately puts an end to the touring career of one of the most popular rock bands in history. Aerosmith has sold more than 150 million records worldwide. Apart from the vocal injury, Tyler is also facing a lawsuit in which he has been accused of sexually assaulting a minor in the Seventies.
