Lady Gaga NOT Going Broke, Despite Report

Lady Gaga is NOT “going broke,” despite a new OK!report. The tabloid declares, “Oh, how the mighty fall! Just a few short years ago, Lady Gaga was the biggest pop star on the planet, but OK! has learned the singer is now on the verge of bankruptcy.” Not surprisingly, OK!has no clue what it’s talking about, and Extreme Entertainment can exclusively debunk the story.

“A source says that Gaga’s record label has lost faith after her latest album flopped and decided to no longer foot the bill for her travel and glam squad,” explains the magazine. A so-called “source” for OK! says, “She’s been forced to cut back on expenses that she never used to blink an eye at, like flying first class. She’s even ditched the expensive costumes and started dressing down!”

Um, a little perspective is needed here. Yes, it’s true that Gaga’s album sales and tour earnings are down (according to industry estimates) from a couple of years ago. But it’s also true that her peak was estimated by Forbes at $90 million in yearly earnings, and she’s still earning tens of millions of dollars annually. The idea that she’s not able to afford first-class air travel or costumes anymore because her last album didn’t do as well is ludicrous.

As for the “bankruptcy” allegation? We’re not convinced OK! knows what bankruptcy is. Then again, this is the same outlet that falsely reported on a Gaga “pregnancy scare” and Las Vegas residency last year, so its sources are not exactly top notch. A rep for Gaga tells Extreme Entertainment exclusively the new story is “untrue.”