Michael Jackson disc sales boost Dutch pension fund
Dutch pension fund ABP, which bought the rights to some of Jackson’s songs in 2008, is now benefitting from the surge in sales and broadcasts after his death.The Hague – Broadcasts of Michael Jackson hits and skyrocketing sales of the late pop icon's discs after his death have given a boost to Dutch pension fund ABP, which in 2008 bought the rights to several of his songs.
"The rights are being honoured for all types of use: on radio and television broadcasts, downloads, CD and DVD sales, etc.," Andre Raaff, executive of Imagem Music Group which manages ABP's property rights stock, told AFP.
In 2008, ABP, the world's third largest pension fund, bought a music catalogue from Universal Music Group (UMG) for EUR 120 million that includes 14 songs by the US singer, including "Remember the time", "You are not alone" and "In the closet".
"We only invest in hits that will bring in money every year," said Raaff but would not give a figure.
He added however, "We aim for a minimum return of eight percent a year".
After recently buying Boosey & Hawkes and Rodgers & Hammerstein music catalogues, Imagem has laid its hands on some 250,000 works of music from pop to classical music to musicals, worth EUR 500 million, said Raaff.
Jackson died in Los Angeles on 25 June, as he prepared for a series of comeback concerts in London. A star-studded tribute was organised for the late singer at the Staples Centre in Los Angeles on Tuesday.
AFP / Expatica