Michael Jackson’s Death Shocks the Globe and the Music Industry

Fans around the world are mourning the death of the King of Pop today.  Music legend Michael Jackson is believed to have suffered cardiac arrest yesterday in his home, and was unable to be revived by emergency physicians at UCLA.  The pop star’s death has had a shocking effect on the entire world, as well as the industry he had been a part of since his childhood.
 
Jackson was on the verge of the one of the biggest comebacks, if not THE biggest, in music history.  The former Jackson 5 member was slated for an impressive 50-show run at the O2 Arena in London.  The concert series, set to open in 2010, had sold more than 750,000 tickets to a tune of around $85 million.  And with the very unfortunate, recent turn of events, the situation may not look so good for concert promoters.
 
AEG LIVE may have a serious problem on their hands.  As promoter of the show, AEG has already spent a reported $30 million for production, in addition to $10 that Jackson was given as an artist advance.  The $85 million in ticket sales now has to go through a lengthy and complicated refund to ticket buyers, and AEG can no longer rely on the sale of VIP packages and merchandise to help boost gross sales. The fate of the bill might rest on Jackson’s cause of death.
 
AEG Live CEO Randy Phillips has reported that the company was well insured for the event; however, the details of the Jackson’s death may determine the outcome.  While the King of Pop did pass a physical for the insurance plan to go into place, many outsiders are now questioning the policy will be honored if the cause of death is ruled to be an underlying drug problem.  AEG may be responsible for the financial loss if the death was ruled as a result of something not covered in the policy. 
And as for the $10 million advance to the artist, there is no word yet on whether or not Jackson had a contract to return the money if he didn’t perform.  If not, AEG may have to file suit against his estate, which is already millions of dollars in debt. 
 
But fans are less concerned with the fate of AEG Live, as they remember an artist that changed the world.  Jackson began his career as a member of the Jackson 5, and went on to become of the top selling artists of all time.  His chart topping anthems include “Billy Jean,” “Thriller” and “Black or White.”  As officials unlock the mystery behind this untimely death, only one thing is for certain…everyone will remember June 25, 2009…the day Michael Jackson died.