Raggi’s father, Þórhallur Andrésson, has been managing the holding company on behalf of the band. He says that when bands sign with big record companies like Universal, they get advance payment that is meant to cover the cost of making an album. We are not talking about the kind of album you can make in your garage, but an album that is meant to be a worldwide hit.
Þórhallur says that this kind of production is very expensive. Furthermore, the costs only increase when bands are successful. For example, OMAM recently remodeled a space in Garðabær and turned it into a studio. This turned into an expensive project, and the band had to pay for most of it themselves.
Þórhallur says that much has changed since the band won the Músíktilraunir competition in 2010. Due to constant touring, their families rarely saw them for almost two years. He says that the band members can make a living as musicians, but they can hardly be considered rich.
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