As 17,500 ticket holders gather in the Staples Center today for Michael Jackson’s memorial, they won’t be the only ones feeling lucky. Los Angeles businesses stand to make money from the mourners as well as from the additional fans who didn’t win the ticket lottery — some of whom have traveled from afar and will use their trip as an opportunity to see the city.
While the memorial may cost over a million dollars in police overtime, this Marketplace story reports that the local economy will be $2 million richer because of the funeral. From the Grammy Museum, who owns a few of the pop star’s jackets, to local shop owners selling Michael memorabilia, the king of pop is good business.
This isn’t the first we’ve heard of businesses banking on Michael Jackson. Following the shocking news that the 50-year-old pop star died of cardiac arrest, Reuters reported on Dutch state pension fund ABP, which owns the rights to some of Jackson’s music. A spokesman for the fund said, “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.”
For someone who wasn’t just a great musician, but also a shrewd businessman — remember, he bought up much of the valuable Beatles’ catalog — we’re thinking that the Gloved One would likely have approved of all the profiteering.
Photo courtesy of Flickr.