The King of Pop, Michael Jackson, leave the earth with his books out of balance and the series of 10 comeback concerts he planned in London might have generated enough money to pay off his $500 million unpaid debts.
Jackson died of an overdose of the anesthetic drug propofol. Jackson died a few weeks before his concert in London, but despite the concert cancellation, the revenue from licensing royalties and retail sales are valued at another $35 million – only small number of people is asking for the refund, and the rest of the “true” fans kept the tickets in favour of keeping them as souvenirs.
Michael Jackson’s company, MJ Inc., effortlessly generated at least $1 billion in revenue since his death last year (06-25-09). The Thriller hitmaker successfully dominated the pop music industry and sold 33 million albums around the globe, in addition to 800 thousand copies of albums by the Jackson 5 and the Jacksons since his fatal cardiac arrest, reported by Reuters.
According to The Music Magazine Billboard, Michael Jackson’s estate has earned up to $429 million in record sales, as well as international song downloads and global ring tone sales. The lucrative new record project with Sony Music and the release of the Jackson concert film “This is It” gad $392 million in revenue.
At the present time, Michael Jackson’s highly lucrative half-ownership of the Sony/ATV music catalog along with other publishing deals have earned his estates another $130 million, and million or billion of dollar are expected to pour in.