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Yahoo Finance's Allie Canal explains Travis Scott's liability as lawsuits mount following the tragic Astroworld event.
AKIKO FUJITA: In our "Fame and Fortune" segment today, artist Travis Scott now facing more than 300 lawsuits following his concert earlier this month that killed 10 people. Those lawsuits combined, by the way, totaling over $3 billion. Let's bring in Yahoo Finance's Ali Canal, who's been talking to some lawyers about these lawsuits. Certainly, the legal challenges are mounting. I guess the big question here is to what extent will Travis Scott be found to be financially liable?
ALEXANDRA CANAL: Yeah, and that was a big question that I wanted to uncover. As you mentioned, over 300 lawsuits totaling more than $3 billion. That's a lot of money. The latest one came on Thursday, a $2 billion lawsuit. That was filed against Live Nation, Apple Music. Travis Scott was named in the Thursday lawsuit. There was also a suit filed earlier this week on Tuesday. And basically, in that suit, they said that Travis Scott, due to his personality and his brand, his social media posts, his lyrics, his past behavior at concerts-- in 2015, he was arrested at Lollapalooza after encouraging fans to jump the barricade and storm the stage.
So this is something that we've seen in the past at his concerts. It's never really a peaceful gathering, but the attorneys I talked to said that will not hold up in court. This all comes down to what Travis said and did that night in Astroworld. And right now, there really aren't any damning allegations against that. He would have had to specifically say something that incited or added to the violence. We don't have that at the moment. So more likely than not, he will be dismissed from this case.
They said the onus could likely fall on the security company, along with the event promoters, like Live Nation and Score More. But even then, there is potential for more finger pointing. They could potentially sue each other if they are found liable. Security company could say, look, we told Live Nation that we don't have enough bodies to cover this, but they said this is the budget, and that's how you have to go along with this.
So, there's still a lot to be worked out here. There's definitely some big names. I don't think we're going to have an answer tomorrow, next week, next month, or even next year. But it's something that we're watching very closely.
JARED BLIKRE: Well, and Ali, let's say Travis skates from this. He doesn't have to pay a dime, wins the lawsuits. There's got to be some fallout from-- in his career for future events. I don't know-- maybe even his record deals. Do you have a handle on that?
ALEXANDRA CANAL: Yeah, it's definitely going to impact his overall brand. And one of the lawyers said if he was advising a client on risk management, he would probably tell them not to book Travis as a headliner or a performer, just because of the violence that follows along with him. Alternatively, if he were to go and perform, the odds are is that he is going to need additional security detail. They might have to have special insurance coverage to make sure if something like this happened again, that they were covered. And all of that additional expense and additional costs would actually come out of his pocket. So that's something that could be something that we see moving forward.
Another thing you have to think about is all of these brand deals. He does have this shoe collaboration with Nike. Earlier this week, they released a statement on their website, saying that they would be postponing that collection out of respect for the victims. Early 2022, there was supposed to be a collection between Travis Scott and Dior to be released. They are reportedly reevaluating that. So this is sort of a PR and marketing nightmare for these brands.
But it's one of the risks that they take when they choose a celebrity to be the face of a product or be the face of a brand. So everyone is sort of trying to navigate this and figure it out as they go. But absolutely, this is something that will impact Travis Scott, his career. He was sort of at the top of his game. And now that this has happened, there's going to have to be some decisions to be made moving forward.
JARED BLIKRE: Yeah, it's a fascinating and tragic story. Thank you for that report, Yahoo Finance's Ali Canal.