Keith Duffy has admitted that Boyzone made very little money following their early success.
The 45-year-old revealed that the popular Irish boyband unknowingly blew their profits on private jets and chauffeured cars at the beginning of their career.
Keith explained that it took years for him and his fellow bandmates to discover that their contracts stipulated they should pay for all their purchases.
“Everybody thought we were millionaires but we’d made nothing at this point,” he told the Daily Telegraph.
“Record companies only pay bands once they’ve recouped their own costs.”
“When you’re in a band you don’t have much need for money on tour because the record company picks up the tab for meals, drinks, hotels and travel arrangements, but what isn’t explained is that these bills are later recouped from your earnings.”
The ex Coronation Street star described the music industry as a “cut-throat business.”
“It was great when a Mercedes took me to an airport and a private jet flew me to London, but years later, when the money wasn’t coming in and we started asking questions, we discovered we’d agreed to pay all these costs – and our record company had added a large percentage on top,” he continued.
“The music industry can be a cut-throat business if you don’t get the right deal,” he added.
Keith first found fame when he joined the band in 1993 alongside Ronan Keating, Mikey Graham, Shane Lynch and Stephen Gately.
The news comes after the father-of-two recently stated that Shane and his wife Sheena Lynch are still together – just months after he announced their split during lockdown.
On the latest episode of Goss Chats, Ali Ryan chats to Ronan Keating about his stat-studded upcoming music special, and working with Robbie Williams on a special new song dedicated to Stephen Gately.
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