( CNN ) -- Michael Jackson 's impact on pop culture is indelible . But perhaps his biggest legacy will be how he changed the music industry . Jackson 's impact on the music business still reverberates today . `` As a performer he changed history ... his singing , his songwriting , his choreography , his dancing , his business acumen , '' said Howard Bragman , a public relations expert who worked with Jackson to launch the singer 's shoe line with L.A. Gear . `` He rewrote the history of the entertainment industry in his time , '' Bragman said . Jackson crossed color lines and broke down barriers between musical genres . He followed in the footsteps of Elvis and the Beatles to create a transnational fan base that prefigured the era of globalization . And Jackson became a canny power broker who helped lead artists from stage performers into major boardroom players . `` That gets lost in the last five and 10 years , with all the litigation battles -- what he did the first 30 years to set the landscape for these other artists , '' said James Walker , an entertainment attorney . `` Michael transcended race before Michael Jordan , before Oprah , before Tiger Woods , before Barack Obama . `` You ca n't underestimate what his did for black artists -- and artists as a whole -- as a business man , '' Walker added . His 1982 album `` Thriller '' has sold more than 50 million records worldwide -- a record that , considering the decline of record sales in the wake of new media , is likely to stand for some years to come . `` Records just do n't sell that much anymore . The industry has changed . ... Now it 's in shambles because of technology , '' said Gideon Yago , head of the IFC Media Project and a former correspondent for MTV News . Videos that accompanied the album became landmarks that set the industry standard , as MTV and cable television began to proliferate , creating ready outlets for a growing marketing tool . At the time , Jackson 's label had to fight to get onto MTV , which then featured only rock artists . `` Walter Yetnikoff ( former president of CBS records ) drew a line in the sand and said , 'We believe in this guy and you 're going to play his videos or we 're going to pull all our videos , ' '' Walker said . `` What he did was so cutting-edge regarding videos ; he defined the video age as we know it , '' said Tommy Mottola , who succeeded Yetnikoff as head of CBS . Though his personal finances were in disarray at the end of his life , Jackson made some canny business decisions at the height of his power -- most notably buying half the Beatles music catalog in 1985 for $ 47.5 million . `` When you look at his royalties and his copyrights , he 's probably got a half a billion to a billion ( dollar ) catalogue , '' Walker added . The current value of his estate is unclear . His debts stood at about $ 500 million , according to a Wall Street Journal story earlier this month . As the music industry model moved more toward live events in the face of dwindling album sales , two billionaire businessmen stepped in to bank on Jackson 's comeback with a series of concerts scheduled in London . Tom Barrack , head of hedge fund Colony Capital , teamed with Philip Anschutz , owner of AEG Live , to plan a third-act comeback for Jackson , with a sold-out 50-date stand at AEG Live 's O2 arena scheduled to begin next month . Future business plans included a world tour , a Broadway musical and even a `` Thriller '' casino . `` You are talking about a guy who could make $ 500 million a year if he puts his mind to it , '' Barrack told The Los Angeles Times in an article last month . `` There are very few individual artists who are multibillion-dollar businesses . And he is one . '' Billboard magazine estimates $ 85 million in ticket sales from the sold-out concert series . Additional packages , merchandise and secondary market sales could have raised the total to $ 115 million . AEG Live declined to comment . `` There will be a process put in place for ticketing ( refunds ) . I do n't know what it is at the moment , '' said Lucy Ellison , spokeswoman for O2 stadium . `` We 'll leave it for his family to say what they want to say before we discuss ticketing information . '' Jackson was expected to earn $ 50 million from the London shows . CNN 's Pauline Chiou contributed to this report .
Jackson transformed the role of artists as power brokers . Estate includes ownership of half the Beatles catalogue . Bragman : `` He rewrote the history of the entertainment industry in his time '' Report : The New York Times, June 24, 1964