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Tuesday, March 23, 2010
The Most Lucrative Contract in Music History, So Far
10:27 AM | 
Posted by
fire
Sony Music signed a deal with the Michael Jackson estate worth $250 million for seven-year, 10 albums made of Michael Jackson's unreleased songs. That will be the most lucrative contract in music history. One of the first releases from the $250 million deal will be an album of unreleased material culled from Jackson’s personal musical vaults, which reportedly house as much as three albums’ worth of unheard material. That release is expected out by the end of 2010, most likely in November to capitalize on the annual pre-holidays sales.
Since Michael's death on June 25, Sony has sold an estimated 31 million of his albums globally. By the first anniversary of his death, his estate expects to have earned $250 million from sales of music, merchandise and tickets to the concert film "This Is It."
The advances being paid by Sony are to be offset by sales of albums as well as revenue generated by licensing Mr. Jackson's music for uses like video games, movies and theatrical performances. The record-breaking $250 million pact is $100 million richer than the 10-year deal Jay-Z signed with Live Nation two years ago. The deal will also go a long way toward helping the Jackson estate pull itself out of the massive debt Michael accrued in the last years of his life.
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