Videos by OutKick
The estate of Michael Jackson is reportedly nearing a deal for nearly a BILLION dollars for the late pop star’s music rights.
Variety reports that Sony Music is looking to spend anywhere from $800-$900 millions for a 50% share of Jackson’s publishing rights and music catalog. The deal would also include the MJ: The Musical Broadway show as well as an upcoming biopic called Michael.
It’s the latest big-money deal that music labels are securing in an attempt to gain control of artist’s music catalogs. In recent years, the music industry has pivoted and realized that the real money is in licensing and publishing fees. You add the fact that you can also have control and placement of a popular artist’s music anyway you see fit. It makes sense, but as we’ve seen it is definitely a costly endeavor.
Last year, Bruce Springsteen sold his entire music catalog for $500 million to Sony. Bob Dylan did the same thing with much of his music rights for $150 million. Other music icons like Tina Turner, David Bowie and Stevie Nicks have done the same.
LABELS ARE PAYING BIG MONEY TO OWN ICONIC ARTIST’S MUSIC
The rise of streaming has decreased what used to be a major play for where labels would get their revenue, CD sales. This has caused the industry to have to figure out a way to make significant financial gains in the ever-changing music world.
One way to do that has been owning an artist’s publishing rights.
In this instance, if the MJ deal goes through, Sony will be able to do as it wants with his music. From commercials, to samples, to allowing others to cover it, to TV shows, ads placement as well as digital campaigns on TikTok.
When you combine all that – especially the limitless route of the digital landscape – you can understand why Sony would be willing to pay big bucks for Jackson’s historic catalog.
Despite passing away in 2009, Michael Jackson still has the greatest selling record of all-time. His “Thriller” album has sold over 70 million records and has been certified platinum 34 times.
Variety first reported the potential Sony / MJ deal. However no one including the label or the Jackson estate has confirmed it.