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Title: Michael Jackson's death set to boost Dutch pension fund
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URL Source: http://www.telegraph.co.uk/finance/ ... -boost-Dutch-pension-fund.html
Published: Jul 3, 2009
Author: By Amanda Andrews
Post Date: 2009-07-04 14:42:09 by DeaconBenjamin
Keywords: None
Views: 49
Comments: 1
The huge boom in popularity of the King of Pop's music has boosted pension fund ABP, which owns the rights to a number of of Michael Jackson songs. ABP bought two music catalogues last year, including the rights to some Michael Jackson songs like You Are Not Alone, according to the website of Imagem Music Group, which manages the music assets for ABP. "There are always certain songs that for whatever reason, in this case tragic, suddenly become very popular. The last fact is a basis for the investment," said an ABP spokesman. ABP total portfolio of music rights is understood to have to returned about 8pc annually, although there are no figures for Michael Jackson alone. Each time a CD is sold, or a radio station plays a song ABP owns, the fund makes money. ABP bought its pop music portfolio for €140m (£120m) last year from Universal Music Group, while it paid £126m pounds for the classical music portfolio of private equity firm Hg Capital. Jackson's solo album sales in the United States jumped from 10,000 copies in the week before his death to 422,000 in the week ended June 28, according to Nielsen SoundScan. In the week of his death, the best-selling track was Thriller at 167,000 copies, while the top-selling album was Number Ones at 108,000. ABP also holds the rights to pop artists such as Justin Timberlake, Beyonce and the Kaiser Chiefs.
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