Could Michael Jackson’s death save California’s economy?
Posted
Jul 06 2009, 12:21 PM
by
Minyanville
Rating:
It's not likely that Michael Jackson's estate will be settled any time soon. Given conflicts among his family, his lawyers, and children of unclear parentage, Jackson's property should finally be divvied up around the time "Off the Wall" enters the public domain.
But as those closest to Jackson attempt to sift through red tape almost as lasting as his fame, the pop star's death has sent ripples through Hollywood's ailing economy and has given it a much needed boost -- no matter how morbid or undignified.
Rather than a time of mourning and reverence, event planners are pushing for happiness and celebration: They're organizing events at which consumers might not mind dishing out $9 for a bottle of water emblazoned with a glittery glove, and where $50 to have your picture taken next to a cardboard cutout of MJ will seem like a good deal. You know -- the sort of magical moments when a huge crowd remembers a person's life by wanting to buy a part of it.
1. On Tuesday, the Staples (SPLS) Center in Downtown Los Angeles will hold a memorial extravaganza for Jackson. With tickets going for $25 and a sold-out crowd of around 11,000 -- not to mention the extra 6,500 spilling over across the street at the Nokia (NOK) Theatre -- the 2 arenas can certainly book some profits with the end of the life of someone so prominent.
2. Concurrently, the tremendous number of fans, reporters and profiteers circulating outside might just outnumber the ones inside. Local t-shirt vendors, pretzel peddlers, tour guides and bobble-head artisans will surely make their biggest profits this week.
3. The bottom liners at Merlin Entertainments Group (BX) must be cooling off after sweating over the £1 billion purchase and renovation of Madame Tussaud's wax museum in March 2007. Set to open in 3 weeks, it's only a few days shy of perfect timing. Tourists may not have plunked down admission fees for a Mork sculpture, but a hastily-assembled mannequin of Michael Jackson would likely draw a hoard of visitors.
While news outlets are enjoying huge numbers for their Jackson coverage, they'll have an explosion come Tuesday.
4. Local news outfit KTLA -- an affiliate of CBS (CBS) and Time Warner (TWX) -- is rumored to be planning to interrupt regular broadcasting to cover the event. TMZ -- which originally scooped his death -- will have a clean sweep of the mysterious performers who will be on stage. Even Anderson Cooper of CNN has been covering the ongoing Jackson saga with the Hollywood sign over his shoulder, drawing much attention toward Tinsel Town.
5. Who knows what it could mean for Santa Barbara County if the owners of Neverland Ranch take a cue from Graceland and turn it into a never-ending stream of revenue? County representatives have probably given it a thought or two.
The crazier the story becomes, the better for LA's dismal economy. But for anyone who believes the end results of this profit frenzy will justify the means, consider this: His death means a world where even Michael Jackson impersonators can experience fame and riches.
There's just no dignity in that.
Top Stocks blogging partner Todd Harrison is founder & CEO of Minyanville.com. This post was written by Minyanville Contributor Mike Schuster.
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