Observations on Forbes’ 2024 list of top-earning dead celebrities
Forbes’ annual list of top-earning deceased celebrities always presents an interesting gathering of the dearly departed. It can be especially interesting to compare the newest list to those of prior years. For example, this year, Michael Jackson comes in at $600,000,000, whereas last year, Jackson topped the list at $115,000,000. The various Michael Jackson-themed stage productions reportedly contribute significantly to Jackson’s earnings.
Also apparent in reviewing the 2024 list is the role that licensing of the Right of Publicity has played in contributing to the reported figures. Arnold Palmer’s licensed iced tea and lemonade by Arizona, and the alcoholic version by Molson Coors, shows just how profitable a personality-branded beverage line can be: $14,000,000 in 2024. Whitney Houston’s $13,000,000 is aided by a licensed slot machines.
Though a frequent citing on prior lists, J.R.R. Tolkien is not on the 2024 list, but fellow authors Charles Schulz and Dr. Seuss continue as perennials. Inevitably, when a surprise death occurs, that person often will appear on the list for at least a year. Paul Walker, Nipsey Hustle, Tom Petty, and Juice WRLD all made the list for a year or even two after passing, but have not been seen since. This unfortunate distinction goes to Matthew Perry in 2024. The circumstances of his passing may add a bit of sustained attention to his premature passing, and his memoir also provides a contribution to his reported $18,000,000.
One-time sales of catalogs or assets can also either rocket the numbers upward, or put a person on the list for one year such as 2023’s Ray Manzarek. This year, it seems likely Ric Ocasek will be in this category with a reported $45,000,000 sale of his interest in his music catalog to Primary Wave.
Forbes’ methodology includes looking at sales and streaming figures, licensing, acquisitions or sales, or any other sources between the period of October of the prior year through September of the current year. Forbes also reportedly utilizes data from Luminate, and considers input from those in the industries.
Here’s a link to the 2024 list: Forbes 2024 Top-Earning Deceased Celebrities
Sounds like a Right of Publicity valuation expert is needed in Michael Jackson IRS dispute
Interesting Bloomberg article dated 2/1/17 covering the dispute over the valuation of Michael Jackson’s estate. “The IRS claims Jackson’s should have been valued at $434 million. The estate claims that it was worth a mere $2,105.” Sounds like a case for a Right of Publicity valuation expert. Here’s a link to the Bloomberg article: Bloomberg: Michael Jackson estate valuation
Minnesota considering Right of Publicity legislation, aka “Prince Law”
That Minnesota should consider enacting publicity rights legislation is something I stated here shortly after Prince’s untimely passing: http://rightofpublicity.com/prince-knew-the-value-of-his-intellectual-property-42216 Minnesota has responded with draft right of publicity legislation, SF 3609, posted on May 11, 2016: https://www.revisor.mn.gov/bills/text.php?number=SF3609&version=0&session=ls89&session_year=2016&session_number=0
Predictably, critics of the legislation are taking issue with the bill on First Amendment grounds: http://www.law360.com/ip/articles/794846?nl_pk=bb8aeb3e-4ab9-4ba4-a0af-b895a107fd8a&utm_source=newsletter&utm_medium=email&utm_campaign=ip
While the legislation likely would benefit from expanding the list of fair use exemptions, such as for books, overall the legislation is in good shape and appears well-balanced in its reach and application.
As we have seen from the Michael Jackson estate and questions concerning the valuation of his right of publicity, I expect Prince’s estate will go through a similar review by the IRS. It should be noted that Minnesota’s potential adoption of the “Prince law” is not dispositive on whether or not Prince’s estate possess a right of publicity. It should be assumed that it already does. How it should be treated for taxation purposes is another question altogether.
Valuing and taxing Prince’s “image rights”
Interesting article in the Wall Street Journal about the coming challenge of valuing the “image rights” of Prince’s estate. Here is a link: Valuing Prince’s Image Rights
There are some interesting points, as well as some common mistakes, threaded into this article which illuminate the complexity of valuing Prince’s image rights. I must refrain from elaborating, as I would be one of a small handful of qualified candidates to perform such valuation. There aren’t many candidates who are qualified for the task.
As the article notes, the valuation could become a “battle of the experts” but there certainly is a way to value Prince’s image rights in a supportable way. Much relies on a truly qualified expert bringing the appropriate perspective to the matter. It won’t come from books or formulas. The valuation must be done by someone who is very well-informed about Prince’s career, beliefs and principles. (As it turns out, that criteria may make me the most qualified potential expert on the matter.)
Reference in the Wall Street Journal article to the Michael Jackson estate’s representatives claiming a valuation of around $2,000 and the IRS countering with $434 Million shows the critical and sensitive nature of the upcoming Prince valuation.
If only Prince was simply still alive. But fellow artists and musicians, take note: if your attorney isn’t talking to you about the right of publicity, find one who is.
Prince knew the value of his intellectual property
Prince knew the value of his intellectual property, and fought battles other artists didn’t or couldn’t. And won, in the case of control over his publishing and catalog. I hope that this awareness extends to Prince’s Right of Publicity. Hopefully, he had advisers in his life who could raise his awareness on this point. He could have been quite the advocate for publicity rights recognition. Maybe it’s time for the Minnesota legislature to put a statute in place in his honor.
Godspeed, Prince. #RIPPrince