Michael Jackson is successful, even if he’s not even alive, due to the biggest contract in music history, one that could be worth up to $250 million with incentives.
Rumors say that his estate will earn $200 million guaranteed for 10 projects in the following seven years. The landmark contract extends through 2017 and could pay his estate much more.
According to other reports, it seems that one of the albums will be of never-before-released Jackson recordings that will come out in November and there is also unreleased material for 2 or 3 albums.
Rumors say that these projects may also include a video game, a DVD compilation of videos and a re-release of Off the Wall, Jackson’s fifth studio album, which debuted back in ’79.
After his death, Jackson sold 31 million albums, about two-thirds of them outside the U.S.
“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 Tuesday.
“By all objective criteria, this agreement with Sony Music demonstrates the lasting power of Michael’s music by exceeding all previous industry benchmarks.”
The landmark contract is worth more than all other benchmarks, such as the deals Live Nation signed with Madonna at $120 million and Jay-Z for $150 million.
The most important thing is that the money will go a long way toward paying off Jackson’s considerable debts, and providing a future for his three children.
Image source: theinsider.com