Thursday, October 27, 2011

Michal Jackson-Highest Earning Dead Celebrity

Michael Jackson was recently named the highest earning dead celebrity by Forbes.com. So far he has earned this title twice since his death in 2009. It is estimated that Michael Jackson earned about $170 million last year, making him not only the highest earning dead celebrity, but also the second highest earning pop music act this year. Since his sudden death and because of all of the media attention regarding his death, album and memorabilia sales have actually increased. Cirque de Soleil actually created a show called "Immortal" that celebrates Michael Jackson's life and music. Recently, a memorial concert was held for Michael Jackson in Cardiff, Wales, and tens of thousands of fans showed up. When a celebrity dies, the demand for their music, tv shows, etc. goes up because the supply has been completely cut off. For instance, in a few years, a Michael Jackson autograph will probably be worth way more money now than it would have been ten years ago. Because Michael Jackson is no longer around to sign autographs, no more can or will be produced, so there will not be enough to match the demand and create equilibrium. This is just one example of the way the death of a celebrity can affect the amount of money spent on the celebrity's product.
http://news.yahoo.com/michael-jackson-top-earner-among-dead-celebrities-185230482.html

1 comment:

Katie R said...

Michael Jackson was the greatest entertainer that ever lived. He was loved by everyone and will continue to be loved forever. His music was very popular and it became even more popular after his sudden death that shocked the world. When Michael died, the whole world felt grief. The greatest entertainer in the world was gone, and no one knew what would happen without Michael. However, his memory was not forgotten. Days after his death, his music came in at #1 on Itunes for sales. It makes sense that he was named the highest earning dead celebrity because fans around the world strived to keep his memory alive. michael Jackson will truly be missed every day and his music and his legacy will live forever.