As the college admissions cycle comes to a close, the group behind the smash hit band Fall Out Boy has decided to increase its annual pay to $300,000 a year.
The move is part of the group’s efforts to improve its image and boost its bottom line, and also comes at a time when some members are struggling financially and with debt.
While it is possible that this is an attempt to shore up its financial position, it also comes as the band is facing backlash from critics and the general public for the recent cancellation of a planned tour and the fact that the band did not include the singer Tyler, the Creator.
The band has released a statement saying it has already paid the band’s bills, but declined to provide further details on its plans for the coming year.
While the band has had a number of successful tours, including a major tour with Taylor Swift and an appearance on the Ellen DeGeneres Show in January, this move to increase the bands annual pay is significant because it will allow it to be more competitive with the likes of Pearl Jam and Adele.
“We have been working hard to improve our finances,” the statement read.
“In the coming months, we will release a statement outlining our plans for our financial future, including the upcoming tour.
We will also be launching our new social media accounts.
Our fans have supported us through hard times and we will be better off for it.”
While Fall Out Boys tour dates have been delayed multiple times, the band still has the ability to tour anywhere in the world at any time.
“This new deal is a very big step forward for us,” frontman Tyler, who is originally from Ohio, told the Associated Press.
“It gives us more financial freedom and more freedom to work on our music and our vision, and we feel like we have the financial cushion to be successful.”