Despite the general industry downsizing, labels are still willing to pay to make Michael Jackson the next Tupac. His estate has just signed a $200 million contract with Sony (that could go up to $250 million) for 10 projects, only one (!) of which will consist of entirely new music.
…Jackson has sold some 31 million albums since his death in June, about two-thirds of them outside the United States.
“During his life, Michael’s contracts set the standard for the industry,” said John Branca, the co-administrator of the Jackson estate, in a statement prepared for release Tuesday. “By all objective criteria, this agreement with Sony Music demonstrates the lasting power of Michael’s music by exceeding all previous industry benchmarks.”
I understand that Michael is one of the only acts that’s been selling well recently, but once the shock of his death fades, is this really going to be worth it? I guess it’ll be big in Europe. Maybe they can float one of those giant statues down the river again. (I’m going to assume that part of the $200 million is giant statue money.)