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Simon Fox, the chief executive of HMV, said that sales of Michael Jackson albums have multiplied by 80 times, totalling 40,000 units, since the singer's death last Thursday. He estimates that across the UK, 125,000 albums by Jackson have been sold since last week.
The music retailer, which had stocked up on albums by the King of Pop in anticipation of his 50 farewell performances at the O2, sold out of CDs on Saturday and is currently re-stocking from Sony.
During his lifetime, Jackson sold over 750 million records and Mr Fox today claimed that the recent surge in demand for CDs surpassed that following Presley's death in 1977 and Lennon's assassination in 1980.
HMV, which has been trading since 1921, said that the most popular album with fans is the compilation Number Ones, followed by 1983 album Thriller, described by many as the pop star’s masterpiece and until now the bestselling album of all time.
Third is King of Pop, released to commemorate his 50th birthday last August, followed by Off the Wall, his first solo album.
Man in the Mirror, the 1988 single in which the singer urges his listeners to "take a look at themselves and make a change", is the most downloaded single at hmv.com.
The African-American singer, who first found fame as part of his family group The Jackson Five in the 1960s won 13 Grammy Awards in lifetime and realising 13 number one singles as a solo artist.
In March, tickets to Jackson’s ‘This Is It’ farewell concerts at the O2 sold at a rate of 11 per second, 657 per minute and nearly 40,000 an hour with face prices of £50 to £75. Fans have now been offered their money back or their ticket as a souvenir of the dead icon.
The series of 50 concerts was due to start in July. Last night, pictures emerged of him rehearsing for the performances two days before he died.
AEG Live, the promoters of the concerts, are understood to be facing a £300 million loss after being unable to insure around 30 of them.
HMV today also revealed an 11.5 per cent rise in full-year profits, due in part to the retailer snatching market share from collapsed rivals Woolsworths, which went bust after nearly 100 years on the high street, and Zavvi, the chain formerly known as Virgin Music which was bought out by management before falling into administration.
Like-for-like sales, which do not include revenue from stores opened during the financial year, rose by 1.9 per cent. However, comparable sales at Waterstone's continued to slide, falling by 3.8 per cent.
The bookseller is hoping to benefit from the release of a new Dan Brown novel later this year, and from a rush of celebrity autobiographies at Christmas, including books by actor Simon Pegg and comedian Jack Dee.
http://business.timesonline.co.uk/tol/business/industry_sectors/media/article6607989.ece
