Michael Jackson's Estate Has Generated $1 Billion Since Death
Michael Jackson's estate has generated almost $1 billion in revenue since the pop superstar's shock death last year, according to reports.
The Thriller hit-maker has sold 33 million albums around the globe, in addition to 800,000 copies of albums by the Jackson 5 and the Jacksons since his fatal cardiac arrest, reports Reuters. Billboard magazine estimates music sales have already brought in $429 million in sales, assuming a worldwide retail price of $11.62 per unit. The report also included revenue from international track downloads, global ringtone sales and digital performance royalties.
The revenue report claims a staggering $392 million has been garnered from TV and movie projects, including the Michael Jackson: This Is It documentary about the singer's final rehearsals for his doomed residency at the O2 arena in London last year - which he reportedly agreed to sign on for as a means to rid him of his huge debts. Jackson died weeks before he was due to hit the stage, but despite the cancelled dates, the revenue from licensing royalties and retail sales are valued at another $35 million - due in part to fans failing to claim refunds for tickets in favor of keeping them as souvenirs.
Meanwhile, Jackson's highly profitable half-ownership of the Sony/ATV music catalogue and other music publishing deals have earned the estate a reported $130 million. And millions more are expected to pour in.
In March, the King of Pop was crowned with one of the most lucrative posthumous recording contracts in history. The Jackson estate is guaranteed to earn between $200 and $250 million after signing a deal with Sony Music Entertainment bosses to release 10 Jackson albums between 2010 and 2017. The projects will consist of a collection of reissues and previously unreleased Jackson songs.