Are you sick of it yet?
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You know what I’m talking about, the endless tributes and coverage of Michael Jackson’s demise.
You ain’t seen nothing yet.
As any TV exec will tell you, nothing sells better than death, disaster and controversy. The life and times of Michael Jackson has been the ultimate trifecta.
The wall-to-wall coverage of all things Jacko has been just the shot in the arm the media moguls have been craving. Prior to his passing, summer ad sales were moribund. Even in death, the King of Pop is outselling summer replacement shows and syndicated re-runs.
The Michael Jackson memorials also have had Super Bowl-like economic impact everywhere they’ve been held.
Even though yesterday’s star-studded tribute at the Staples Center in Los Angeles got the most coverage, it wasn’t the only event held to honor Jackson. There were similar sold-out simultaneous memorials in New York, Chicago, Detroit, London and Tokyo.
Even the President
Two and a half million people entered a lottery online to snag the 17,500 seats available to attend the MJ memorial in Los Angeles. On Tuesday, downtown L.A. restaurants in proximity to the Staples Center were slammed. Every hotel room within a 10-square mile radius was booked.
Even the President was caught up in the media frenzy.
Making his first state visit to Russia, President Obama was set to talk about war and peace, nuclear weapons, democracy and the plight of an ailing world economy. Yet when the President granted separate interviews to each of the five American television networks regarding his Moscow initiatives, Mr. Obama was queried about the death of the pop icon. The brigade of international journalists following the President’s European visit was no less interested in impact of Jackson’s death than their American counterparts.
All of this hype around M.J.’s untimely passing has AEG — Anschutz Entertainment Group — seeing dollar signs. AEG, owner of the Staples Center and organizing sponsor of the upcoming Jackson worldwide Comeback Tour, was upside down on the nearly $50 million it had advanced with no prospect of recovery. After seeing the non-stop mega media coverage and witnessing the public appetite for all things Jackson, AEG will likely recoup 20 times its investment.
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In place of the now-aborted Jackson concert, there is likely to be a worldwide memorial tour featuring everyone from Lionel Ritchie to Lyle Lovett crooning M.J. standards. The merchandising rights and residuals alone are worth the effort. Undoubtedly, tee-shirts, coffee cups and decorative duplicate paperweights resembling the M.J.’s memorial headstone are in the works.
There’s bound to be a feature film, too. According to news reports, AEG has nearly 200 hours of M.J. rehearsal footage from which it only needs to cull 120 minutes to make a marketable film.
A search for “Michael Jackson” on Google late Thursday yielded 63.3 million results.
For years Jackson has been fodder for tabloid news outlets because of his sometimes-strange behavior — selling lots of TV, radio and print advertising in the process. Recently, the Jackson family wanted to do a reality show, which supposedly Michael had nixed.
Here Comes an Avalanche
Now that Jackson is gone, everything is on the table.
Aside from the tearjerk blockbuster that probably will hit the big screen this Christmas, the Jackson family reportedly is already in negotiations to sell the media rights to his story. Both Steven Spielberg and Oliver Stone are reported to have shown interest.
Long before Jackson was put to rest at Forest Lawn in beautiful downtown Burbank, plans were afoot to convert his beloved Neverland Ranch near Santa Barbara into the next Graceland.
It’s a ready-made destination theme park, complete with kiddie rides and a petting zoo. Much to the chagrin of the neighbors, initial estimates project that Jackson’s much maligned hideaway would attract upwards of 3 million international visitors a year.
Prior to his death, most news outlets and tabloids were reporting that Jackson was $400 million in debt. Now the media is gearing up for the bloody fight over an estate that is currently is valued at more than $500 million and growing.
The biggest loser in the wake of Jackson’s death has been Farrah Fawcett. The media was set to run memorials and tributes following the long-anticipated passing of the 70’s sex symbol. But Jackson’s death upstaged the passing of the former Charlie’s Angels’ starlet.
Michael Jackson has always been an innovator. His unique performance and dance style influenced an entire generation of pop artists. His music videos single-handedly created a new genre and led to the rise of pop broadcasters like MTV.
Even in death, Jackson is breaking new ground. Now he’s one-man economic stimulus package.
Thanks, Mike.
John Cohn is a senior partner in the Globe West Financial Group, based in West Los Angeles. He may be contacted at www.globewestfinancial.com
