In an unprecedented, multi-album, multi-million dollar agreement with Virgin Music Group, Mariah Carey has become the richest (on paper) musician ever.
In a world where some dot-com millionaires aren’t old enough to drive, and Texas-sized purses are awarded to athletes like Alex Rodriguez, the record industry was bound to follow suit with a record-breaking [pun intended] contract. Today, they did. In an unprecedented, multi-album, multi-million dollar agreement with Virgin Music Group, Mariah Carey has become the richest (on paper) musician ever. The terms of the deal were not officially disclosed, but New York Daily News reports that Virgin Records will pay the singer more than the $20 million per album. It is rumored that Carey had been asking for more than $25 million per recording, but settled on the deal which is the largest ever for the recording industry. Carey’s first CD for Virgin will be the soundtrack to her upcoming movie All That Glitters, a film that will be released on Labor Day weekend.
Virgin is expecting high returns on their investment, and if history repeats, they will. Carey is the best-selling female performer of all time, selling more than 140 million albums and singles worldwide and has scored an unbelievable 84 total gold, platinum, and multi-platinum certifications.
Commenting on the agreement, Ken Berry, president and CEO of EMI Recorded Music said, “An incredible voice and fantastic creativity make Mariah one of the world’s most special talents in the recording business. Her signing with Virgin enhances an already rich roster of artists, and we are thrilled that Mariah has chosen Virgin as the place where she will write the next chapters of her career.”