Sony Music Group has reportedly made a groundbreaking acquisition, securing at least $600 million for a 50% stake in Michael Jackson's illustrious catalogue. With this transaction, the legendary singer's musical assets are estimated to soar beyond a staggering $1.2 billion.
The deal marks a historic milestone in the music industry, representing the largest-ever acquisition of a single musician's work. Michael Jackson, an iconic figure in pop music history, continues to wield immense influence even after his passing in 2009 at the age of 50. Renowned for his unparalleled success, Jackson has sold over 400 million records worldwide, although some experts suggest this figure may be significantly higher.
One of his most famous 1982 album, "Thriller," remains the best-selling record of all time, cementing Jackson's legacy in the annals of music history. Moreover, his popularity endures in the digital era, with nearly 40 million monthly listeners on Spotify alone. Evergreen hits like "Billie Jean" and "Beat It" have each amassed over one billion streams on the platform, attesting to Jackson's enduring appeal.
Anticipation is further heightened by an upcoming biopic featuring Jackson's nephew in the titular role, expected to reignite public interest in the King of Pop's life and musical legacy.
The extensive back catalogue acquisition is said to encompass tracks by other artists under Jackson's Mijac publishing group, including classics by luminaries like Ray Charles, Elvis Presley, and Aretha Franklin.
The arrangement, brokered with the Estate of Michael Jackson, underscores the lucrative nature of artists' back catalogues. Notably, music icons like Bruce Springsteen and Bob Dylan have fetched eye-watering sums of up to $500 million and $450 million, respectively, for their catalogues in recent years.
Amidst this trend, rock legends Queen are reportedly exploring a similar deal, underscoring the continued allure of established artists' musical legacies in the contemporary music landscape.
