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 too much for Christmas / I just need one thing / One question answered / Please give me an estimate of Mariah Carey's song royalties?”
No, my makeshift lyrics aren't as catchy as the opening lines of Carey's “All I Want for Christmas Is You,” the 1994 jingle that became virtually ubiquitous on the airwaves during the holiday season.
But they pose a question that digs into the black box of music industry economics: how much money does Carey, its artist and the so-called “” earn per song?Queen of Christmas“every year?
Revenue estimates according to Billboard suggest she earned between $2.7 million and $3.3 million in 2022 from song downloads and on-demand streaming, for example. It does not include other potentially lucrative revenue streams, such as holiday TV specials.
However, it is difficult to determine the exact amount, mainly because the details of the contracts between Carey, her record label and song publishers are not public, experts say. The pop star's publicist, Chris Chambers, did not respond to a request for comment to his company The Chamber Group regarding her royalties.
“Whatever it is, it's a lot of money,” said Natasha Chee, a music, entertainment and intellectual property lawyer at the law firm Donahue Fitzgerald.
As of 1994, the song could have grossed $103 million
“All I Want for Christmas Is You” is a Christmas hit.
Spotify announced this month, the anthem became the first-ever Christmas song to surpass 2 billion streams worldwide. Spotify says it has been the #1 song in the world played every year on Christmas Day since 2016.
The song's popularity has only grown: Total audio plays in the U.S. rose to 249 million in 2023, up about 49% from 167 million in 2019, according to Luminate, which tracks music industry data.
(As of December 12, total U.S. streams of the song this year were down 8% compared to 2023, Billboard estimates. Experts say this is partly due to a shorter holiday season caused by a late Thanksgiving.)
The song “is a money-making machine,” said George Howard, a professor at Berklee College of Music and former president of the independent record label Rykodisc. “It's a real phenomenon,” he said.
Mariah Carey performs onstage 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 consults on the valuation of music copyrights, estimates that chart toppers gross between $2 million and $4 million a year.
Similarly, Manatt, Phelps & Phillips, which specializes in music industry law, estimates that a hit song generates $3.4 million a year.
The law firm estimates that the song has earned approximately $103 million over its 30-year existence. According to Manatt, who created Billboard's, the projections take into account global revenue sources from streaming and others royalty calculator.
According to the calculator, the song's 2 billion global streams on Spotify alone generated $9.8 million in royalties.
But Carey only receives a portion of those earnings.
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Mariah Carey performs during the opening performance of Mariah Carey: All I Want For Christmas Is You at the Beacon Theater on December 5, 2016 in New York City.
Jeff Kravitz | Filmmagia, Inc | Getty Images
The music royalty ecosystem is notoriously convoluted.
The money goes to many donors, such as writers, performers, producers, sound mixers and record labels. Experts say payouts for each person can vary from song to song, depending on the terms of the contract.
The terms of Carey's licensing agreements are not publicly known.
“Whatever it is, it's a lot of money,” said a music, entertainment and intellectual property lawyer at the law firm Donahue Fitzgerald.
Natasha Che
Senior Counsel at Donahue Fitzgerald
Howard said the singer will likely get a “larger share” of the revenue than most artists. This is due to Carey's numerous credits on the song: she is listed as the sole performer, as well as co-writer and co-producer. (Walter Afanasieff is the other co-writer and co-producer.)
Howard said it was unusual to have so many credits. This is also a major factor in Carey's top salary.
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Music licensing fees are different from those for other works such as books or photographs.
That's because there are two separate royalty streams – one for music composition and the other for sound recording, said Jordan Bromley, partner and head of Manatt Entertainment. Think of the former as the sheet music lying on your piano (songwriting), and the latter as the recorded song you hear, he said.
Everyone has their own royal structure. Howard said that music composition royalties are paid to songwriters and publishers, while audio recording royalties are paid to performers and their labels.
Carey “owns both the copyright to the song and the sound recording, so he gets paid on both sides,” Howard said.
“He will be paid in six ways by Sunday,” he said.
World | E+ | Getty Images
Authors and publishers of a song, not its performers, receive royalties for playing the song in public spaces, such as on television and radio, in restaurants and retail stores, experts say. Howard said the United States is one of the few countries with such rules.
This means that Carey (and Afanasieff, her co-writer) receive royalties every time a cover of “All I Want for Christmas Is You” is played in the public domain. The piece was performed by over 150 artists, According to to ASCAP, an organization dealing with performers' rights.
Carey and Afanasieff have shared their work with publishers including Universal Music, Sony Music and Kobalt Songs Music Publishing, According to to ASCAP.
However, recording songs typically brings in four to five times the revenue of songwriting, Bromley said.
“If you're a songwriter and you don't have record revenues, it's hard to make a living, even if you make hits,” he said.
An artist's share of recording revenue relative to label revenue can vary widely, ranging from 20% to 90%, depending on the contract, Bromley said. “All I Want for Christmas Is You” was released by Columbia Records, which is owned by Sony Music.
Afanasieff, Sony Music and Kobalt Songs Music Publishing did not respond to requests for comment. Universal Music Publishing Group declined to comment.
Why Carey Could Earn Over $2.7 Million in 2022
Santa Claus and Mariah Carey perform at the NBC Christmas Tree Lighting at Rockefeller Center on November 27, 2012 in New York City.
James Devaney | Wire image | Getty Images
Experts note that earnings from record sales and licensing can vary significantly from year to year, while revenues from streaming and performances are more predictable.
Of the above-mentioned estimated $8.5 million in worldwide revenue and publishing royalties that “All I Want for Christmas Is You” earned in 2022, Carey's main recording grossed $5.3 million and the remaining $3.2 million were publishing royalties , Billboard claims.
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Billboard estimated that she earned approximately $1.9 million in master recordings, while her record label Sony kept the remaining $3.4 million.
By Sunday, he will receive his paycheck in six ways.
George Howard
professor at Berklee College of Music
Carey also earned an estimated $1.6 million from publishing, assuming she and Afanasieff split the magazine 50-50. However, her take-home pay would be lower depending on the publishing deal – perhaps ranging from around $795,000 to $1. $4 million, Billboard says.
Taken together, these estimates suggest that Carey could have earned between $2.7 million and $3.3 million per recording and release in 2022.
That doesn't include revenue from any financial arrangements for Christmas TV soundtracks, which Billboard says could be lucrative. This also doesn't include covers of the song.
“There's a huge revenue opening up” for the pop star that is almost “co-branded” with Christmas, including deals for branding, live performances, cosmetics, home goods and clothing, Manatt Entertainment's Bromley said.
The gift that keeps on giving
Image Alliance | Image Alliance | Getty Images
Experts say the song is a gift that will keep giving for years.
Copyright for works published after January 1, 1978 generally remains unchanged intact according to Chee of Donahue Fitzgerald for the author's entire life plus 70 years after his death.
In the case of a joint work with two or more authors, e.g. “All I Want for Christmas Is You”, the rule applies to the last living author.
That means Carey's estate will likely collect royalties for decades until the song eventually enters the public domain, she added. When that happens, the song will join Christmas classics like “Jingle Bells” and “We Wish You a Merry Christmas,” which can usually be freely shared and customized.