Events promoter Norbert Twizire of Nobat Events, who organized the recent “Memories of Good Life” concert featuring singer Weasel (Douglas Mayanja), has disclosed that the event resulted in significant financial losses.
Contrary to claims by Weasel that the concert was a success, Twizire has provided details indicating otherwise.
In a statement, Twizire explained the financial arrangement made before the concert. According to their agreement, Weasel was to receive Shs40 million from Nobat Events, with half of that amount (Shs20 million) paid upfront. The remaining balance was to be settled after the event.
Twizire had anticipated a minimum turnout of 15,000 attendees. However, the actual turnout was much lower, forcing the promoter to reduce ticket prices from Shs30,000 to Shs10,000 for ordinary tickets and from Shs50,000 to Shs25,000 for VIP tickets. Despite the price cuts, only 3,000 ordinary tickets and 1,000 VIP tickets were sold, generating just Shs55 million from gate collections.
The promoter had also expected to sell over 50 tables at Shs3 million each. However, only 31 tables were sold, generating Shs93 million. Twizire claimed that Weasel and his wife only remitted Shs15 million from these sales, leaving a balance of Shs31.5 million unaccounted for.
“After reconciling accounts, Weasel was supposed to pay Nobat Events a balance of Shs11.5 million,” Twizire stated. “In total, we managed to collect Shs70 million against an expenditure of Shs374.9 million, resulting in a loss of Shs304.9 million.”
Twizire concluded by asserting that the “Memories of Good Life” concert was a complete financial failure, with none of the initial expectations being met.
