Mariah Carey performs “All I Want for Christmas Is You” at the 2023 Billboard Music Awards.
Gilbert Flores | Penske Media | Getty Images
“I don't want much for Christmas / There's only one thing I need / An answer to just one question / A Mariah Carey royalty estimate, please?”
No, my tentative lyrics aren't as catchy as the opening lines of Carey's “All I Want for Christmas Is You,” the 1994 song that has become practically ubiquitous across the airwaves this holiday season.
But they pose a question that digs into the black box of music industry economics: How much money does a song make for Carey, the song's performer and nicknamed “?Christmas Queen“” every year?
Revenue estimates by Bulletin board It suggests it made perhaps $2.7 million to $3.3 million in 2022, for example, from song downloads and on-demand streaming. It excludes other potentially profitable revenue streams such as Christmas TV specials.
But the exact amount is difficult to know, largely because contractual details between Carey, her label and song publishers are not public, experts said. The pop star's publicist, Chris Chambers, did not respond to a request for comment submitted to his company, The Chamber Group, regarding her royalties.
“Whatever it is, it's a significant amount of money,” said Natasha Chi, a music, entertainment and intellectual property attorney at the law firm Donahue Fitzgerald.
The song has probably grossed $103 million since 1994
“All I Want for Christmas is You” is a Christmas juggernaut.
Spotify Announce This month, the national anthem was the first holiday song ever to surpass 2 billion global streams. It has been the No. 1 song globally on Christmas Day every year since 2016, Spotify said.
The tune's popularity has increased: Total audio streams in the United States rose to 249 million in 2023, up about 49% from 167 million in 2019, according to Luminate, which tracks music industry data.
(As of Dec. 12, total U.S. streams for the song this year were down 8% compared to 2023, according to Billboard estimates. That's partly due to the shorter holiday season from late Thanksgiving, experts said.)
The song “is a money machine,” said George Howard, a professor at Berklee College of Music and former president of Recodesk, an independent record label. “It's a real phenomenon,” he said.
Mariah Carey performs on stage during her “All I Want For Christmas Is You” tour at Madison Square Garden on December 15, 2019 in New York City.
Kevin Mazur | Getty Images Entertainment | Getty Images
Howard, who also does music copyright valuation consulting work, estimates gross annual album revenue at between $2 million and $4 million.
Likewise, Mannatt, Phelps & Phillips, which specializes in music industry law, estimates that the song generates $3.4 million annually.
Over the course of 30 years, the song has grossed about $103 million, according to the law firm's estimates. The projections include global and non-streaming revenue sources, according to Manatt, who created Billboard's Royalty calculator.
The song's 2 billion global streams on Spotify alone generated $9.8 million in royalties, according to the calculator.
But Carrie only gets a portion of those profits.
Why Carrie will likely get paid 'six ways to Sunday'
Mariah Carey performs during the opening screening of Mariah Carey: All I Want for Christmas is You at Beacon Theater on December 5, 2016 in New York City.
Jeff Kravitz | Film Magic, Inc. | Getty Images
The music royalty ecosystem is known to be very complex.
Money flows to various contributors, such as writers, performers, producers, sound mixers and record labels. Experts said payments per person could vary from one song to another, depending on the contractual terms.
The terms of Curry's estate deals are not publicly known.
“Whatever it is, it's a significant amount of money,” said a music, entertainment and intellectual property attorney at the law firm Donahue Fitzgerald.
Natasha Chi
Senior Advisor at Donahue Fitzgerald
Howard said the singer will likely receive a “larger portion” of the revenue than most artists. This is due to Carey's multiple credits on the song: she is listed as the sole performer, as well as being a co-writer and co-producer. (Walter Afanasieff is the co-writer and other co-producer.)
Howard said such a large number of credits is unusual. It is an important factor in Carrie's final pay.
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Royalties from music differ from those from other works such as books or photography.
That's because there are two distinct types of royalties — one for the musical composition and one for the sound recording, said Jordan Bromley, partner and president of Manatt Entertainment. Think of the former as the sheet music on your piano (songwriting), and the latter as the recorded song you hear, he said.
Each has its own royalty structure. Howard said music composition royalties are earned by songwriters and publishers, while audio recording royalties are paid to song artists and their production companies.
Carey “owns the copyright to the song and the audio, so she's getting money from both sides,” Howard said.
“She gets paid six ways until Sunday,” he said.
sveticd | E+ | Getty Images
Experts said that song writers and publishers — not its artists — receive royalties when the song is played in a public setting, such as on television and radio, or in restaurants and retail stores. Howard said the United States is one of the few countries with such a rule.
This means that Carey (and Afanasieff, her co-writer) receive royalties when a cover version of “All I Want for Christmas Is You” is in the public domain. The song has been covered by more than 150 artists. According to To ASCAP, a performing rights organization.
Carey and Afanasieff have split writing credits with publishers including Universal Music, Sony Music and Kobalt Songs Music Publishing, According to To ESCAP.
However, Bromley said recording songs generally brings in four to five times the revenue from songwriting.
“If you're a songwriter and you don't have record revenue, it's hard to make a living even if you have hits,” he said.
Bromley said an artist's revenue from recording revenue compared to a label can fluctuate widely, from 20% to 90%, depending on the contract. “All I Want for Christmas Is You” was released by Sony Music-owned Columbia Records.
Afanasieff, Sony Music and Kobalt Songs Music Publishing did not respond to requests for comment. Universal Music Publishing Group declined to comment.
Why might Carey have made more than $2.7 million in 2022?
Santa Claus and Mariah Carey during NBC's pre-tape Christmas tree lighting show at Rockefeller Center on November 27, 2012 in New York City.
James Devaney | wireframe image | Getty Images
Experts point out that profits from record sales and licensing can vary significantly from year to year, while revenues from streaming and performance are more predictable.
Of the aforementioned $8.5 million in worldwide revenue and publishing revenue that “All I Want for Christmas Is You” earned in 2022, Carey's master recording brought in $5.3 million and publishing revenue accounted for the remaining $3.2 million, Billboard said.
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She generated about $1.9 million in major recording revenue, according to Billboard estimates, while her label Sony kept another $3.4 million.
She gets paid six ways until Sunday.
George Howard
Professor at Berklee College of Music
Carey also earned an estimated $1.6 million from publishing, assuming she and Afanasieff split the writing 50-50. Her pay would have been lower, depending on her publishing deal, perhaps ranging from about $795,000 to $1.4 million, Billboard said.
All told, these estimates suggest that Carey may have made around $2.7 million to $3.3 million from recording and publishing in 2022.
This excludes revenue from any financial arrangements for soundtracks from Christmas TV specials, which are potentially profitable, according to Billboard. It also rules out cover versions of the song.
“There's a lot of revenue that opens up” for the pop star that's almost “co-branded” with Christmas, including brand endorsement deals, live performances, cosmetics, home goods and apparel, Manat Entertainment's Bromley said.
The gift that keeps on giving
Image Alliance | Image Alliance | Getty Images
Experts said the song is a gift that will continue to be given for years.
Copyright for works published after January 1, 1978 generally remains connected For the author's lifetime, plus 70 years after the author's death, according to Che Donahue Fitzgerald.
In the case of a joint work with two or more authors, such as All I Want for Christmas is You, the rule applies to the last living author.
This means Carey's estate will likely receive royalties for decades, she said, until the song eventually moves into public ownership. When that happens, the song will join the ranks of Christmas classics like “Jingle Bells” and “We Wish You a Merry Christmas,” which could generally be… Shared and freely adapted.
