Here’s a bright spot for the music industry seeking new revenue streams among sinking album sales: Michael Jackson’s estate and his record label Sony Music Entertainment (SNE) agreed on a seven-year distribution deal for 10 new Jackson-related projects that could be worth up to $250 million.
The Los Angeles Times reports that they already have plans to debut an album of unreleased material, with more than 60 unreleased recordings to choose from, as well as a re-release of his 1979 hit album Off the Wall next year.
Other “legacy acts” have brought in millions for estates by repackaging hit albums or using archive audio rights to spin into TV shows and video games.
From the LA Times: The Elvis Presley estate takes in between $50 million and $60 million annually through music sales and licensing deals. Jimi Hendrix’s posthumously released album “Valleys of Neptune” may sell 100,000 copies in its first week of release, according to Billboard magazine. And in addition to several recent re-releases and repackaging of the singer’s CDs and movies, Frank Sinatra’s estate signed a deal with Warner Music Group in 2008 to explore projects including a restaurant chain, an Old Blue Eyes-themed casino and the use of Sinatra’s image to market luxury goods.
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