14 DAY TRIAL // The Michael Jackson estate and Sony, the singer’s label, have just signed one of the biggest deals in music history, the New York Times informs. The contract will cover a period of 7 years and 10 projects – one of which is already out, the “This Is It” soundtrack and another coming in November 2010 –, with $250 million paid up in advance, it is being said. Moreover, this goes beyond a record deal, aiming to bring Michael Jackson’s music on any possible platform.
The exact details have not yet been made public but, as it stands, this is clearly one of the biggest things to happen in music in a very long time. The deal comes on the heels of an incredible spike in demand for Michael Jackson after his death in June this year, which proves this is the exact moment to introduce his music to new audiences. Not only that, but longtime fans will also have the amazing opportunity to purchase never-before released songs, also thanks to this new deal.
“The deal, for about 10 recordings through 2017, will guarantee the Jackson estate up to $250 million in advances and other payments and offer an especially high royalty rate for sales both inside and outside the United States, according to people with knowledge of the contract who spoke anonymously because they were not authorized to speak about it publicly. It also allows Sony and the estate to collaborate on a wide range of lucrative licensing arrangements, like the use of Jackson music for films, television and stage shows and lines of memorabilia that will be limited only by the imagination of the estate and the demand of a hungry worldwide market,” the NY Times writes.
“We think that recordings will always be an important part of the estate. New generations of kids are discovering Michael. A lot of the people that went to see ‘This Is It’ were families. ‘This Is It’ was one of the few films allowed into China. So we think there are growing and untapped markets for Michael’s music,” attorney John Brance, who is also one of the executors of the Michael Jackson estate, explains.
Rob Stringer, chairman of the Columbia / Epic Label Group, a Sony division, also says this deal is the biggest thing to have happened in music industry in years. This will not be about the number of records sold or the number of digital downloads made for a single, as it will allow the estate to have Michael Jackson’s music everywhere, from theater and film to computer games and television.