The estate of late pop icon Michael Jackson and Sony Corp. have signed a deal for one of the most lucrative recording contracts in history. The deal guarantees the Michael Jackson estate over $200 million in income and will produce around 10 new albums over the next decade.
The Michael Jackson Sony deal will result in 10 new albums mixed of previously unreleased songs and familiar fan favorites. The Michael Jackson estate stands to garner over $200 million in revenue from the deal, which also includes licensing arrangements for use of the late singer’s material in movies, television and other productions. New lines of Michael Jackson memorabilia will also be on tap for fans.
The Sony deal’s first acquisition will be a retroactive claim to Michael Jackson’s This Is It soundtrack, released last year. A new Michael Jackson album of previously unreleased tracks is scheduled to be released later this year.
â€œItâ€™s not just a record deal,â€ Rob Stringer, chairman of the Sony’s Columbia/Epic Label Group division, told the New York Times. â€œWeâ€™re not just basing this on how many CDs we sell or how many downloads. There are also audio rights for theater, movies, computer games. I donâ€™t know how an audio soundtrack will be used in 2017, but youâ€™ve got to bet on Michael Jackson in any new platform.â€
Michael Jackson may be gone, but the new Sony deal with his estate ensures his legend will continue to permeate the music industry and our culture at large for many years to come.