As the holiday season approaches, Mariah Carey’s iconic Christmas hit “All I Want For Christmas Is You” reigns supreme, filling stores, streaming services, and airwaves. This year marks three decades since its release, and its impact on the music industry—and on Carey’s finances—is nothing short of extraordinary.
The Birth of a Holiday Classic
In 1994, Mariah Carey was riding high on the success of her third studio album, “Music Box,” which went on to sell 38 million copies globally. Amid this fame, her then-husband, Tommy Mottola, a prominent figure at Sony Music, had a surprising suggestion for her next project: a Christmas album.
Mariah was initially reluctant, believing that such albums were typically reserved for artists at the twilight of their careers. Her longtime songwriting partner, Walter Afanasieff, shared this sentiment; they had just achieved significant success and felt it was premature to shift directions.
However, Mottola persisted, insisting they create at least one original holiday song, recognizing its potential for royalties. Thus, in the summer of 1994, the duo began crafting what would become “Merry Christmas.”
The song that keeps on giving
In a moment of inspiration during a studio session, Carey and Afanasieff spent less than 15 minutes composing “All I Want For Christmas Is You.” The song, which was released on October 28, 1994, proved to be a massive hit, propelling the album to sell 15 million copies worldwide.
To-date, “All I Want For Christmas Is You” has sold over 16 million copies, making it the best-selling Christmas song in modern history. It’s not only a staple on holiday playlists but also the first Christmas hit to reach #1 on the Billboard Hot 100 since 1958.
The Financial Impact of a Christmas Classic
This brings us to a pressing question: how much has this song generated in royalties for Carey? As of now, “All I Want For Christmas Is You” has amassed over $80 million in total royalties, with Carey and Afanasieff receiving the majority of these earnings.
In December alone, Mariah earns between $600,000 and $1.2 million from this single track. It is estimated that the song generates between $2-4 million annually in royalties.
If the song were ever to be sold, its estimated value would rise significantly, reflecting a 30-40x multiple of its annual revenue. This financial success contributes notably to Mariah Carey’s $350 million net worth, underscoring the song’s ongoing significance as a lucrative asset. It’s a remarkable legacy from just a quarter-hour of collaboration three decades ago.
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