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How much Mariah Carey makes from ‘All I Want For Christmas Is You’

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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 a lot for Christmas / There is just one thing I need / An answer to just one question / An estimate of Mariah Carey’s song royalties, please?”

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 practically ubiquitous over the airwaves around holiday season.

But they do pose a question that probes into the black box of music-industry economics: How much money does the song earn for Carey, the song’s performer and so-called “Queen of Christmas,” each year?

Revenue estimates by Billboard suggest she made perhaps $2.7 million to $3.3 million in 2022, for example, from song downloads and on-demand streaming. It excludes other potentially lucrative revenue streams like Christmas TV specials.

But it’s hard to know a precise sum, largely because contractual details between Carey, her music label and song publishers aren’t public, experts said. The pop star’s publicist, Chris Chambers, didn’t return a request for comment submitted to his firm, The Chamber Group, about her royalties.

“Whatever it is, it’s a lot of money,” said Natasha Chee, a music, entertainment and intellectual property attorney at law firm Donahue Fitzgerald.

The song may have earned $103 million since 1994

“All I Want for Christmas Is You” is a yuletide juggernaut.

Spotify announced this month that the anthem was the first-ever holiday song to surpass 2 billion global streams. It has been the No. 1 song globally on Christmas Day each year since 2016, Spotify said.

The tune’s popularity has only grown: Total U.S. audio streams 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 of the song this year were down 8% relative to 2023, Billboard estimated. That’s partly a function of the shorter holiday season from a late Thanksgiving, experts said.)

The song “is a money machine,” said George Howard, a professor at the Berklee College of Music and former president of Rykodisc, an independent record label. “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 Dec. 15, 2019 in New York City. 

Kevin Mazur | Getty Images Entertainment | Getty Images

Howard, who also does consulting work to value music copyrights, estimates the chart-topper makes $2 million to $4 million in annual gross revenue.

Similarly, Manatt, Phelps & Phillips, which specializes in music industry law, estimates the hit generates $3.4 million a year.

Over its 30-year existence, the song has made about $103 million in earnings, the law firm estimates. The projections include global streaming and non-streaming revenue sources, according to Manatt, which created Billboard’s royalty calculator.

The song’s 2 billion global Spotify streams alone earned $9.8 million in royalties, according to the calculator.

But Carey only gets a portion of those earnings.

Why Carey is likely getting paid ‘six ways to Sunday’

Mariah Carey performs during the opening show of Mariah Carey: All I Want For Christmas Is You at Beacon Theatre on Dec. 5, 2016 in New York City. 

Jeff Kravitz | Filmmagic, Inc | Getty Images

The ecosystem of music royalties is notoriously convoluted.

Money flows to many contributors, like writers, performers, producers, sound mixers and record labels. Payouts to each person can vary from song to song, depending on contractual terms, experts said.

The terms of Carey’s royalty deals aren’t public knowledge.

“Whatever it is, it’s a lot of money,” said , a music, entertainment and intellectual property attorney at law firm Donahue Fitzgerald.

Natasha Chee

senior counsel at Donahue Fitzgerald

The singer is likely getting a “bigger chunk” of revenue than most artists, Howard said. That’s because of Carey’s multiple credits on the song: She’s listed as the sole performer, as well as its co-writer and co-producer. (Walter Afanasieff is the other co-writer and co-producer.)

Such a multitude of credits is unusual to see, Howard said. And it’s an important factor in Carey’s ultimate take-home pay.

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Music royalties are different from those of other works like books or photography.

That’s because there are two distinct royalty streams — one for music composition and another for sound recording, said Jordan Bromley, partner and head of Manatt Entertainment. Think of the former like the sheet music sitting on your piano (the songwriting), and the latter as the recorded song that you hear, he said.

Each has its own royalty structure. The royalties for music composition are received by songwriters and publishers, while those for sound recording are paid to song performers and their labels, Howard said.

Carey “has both the copyright to the song and the sound recording, so she’s getting paid on both sides,” Howard said.

“She’s getting paid six ways to Sunday,” he said.

Svetikd | E+ | Getty Images

A song’s writers and publishers — and not its performers — get the royalties when a song plays in a public space, such as on TV and radio, or in restaurants and retail stores, experts said. The U.S. is one of the few countries to have such a rule, Howard said.

This means that Carey (and Afanasieff, her co-writer) gets royalties whenever a cover version of “All I Want for Christmas Is You” plays in the public domain. Over 150 performers have covered the song, according to ASCAP, a performing rights organization.

Carey and Afanasieff split their writing credits with publishers including Universal Music, Sony Music and Kobalt Songs Music Publishing, according to ASCAP.

106 million packages shipped per day between Thanksgiving and Christmas

However, song recording generally brings in four to five times the revenue of songwriting, Bromley said.

“If you’re a songwriter with no record revenue, it’s hard to make a living even if you’re making hits,” he said.

The artist’s take of the recording revenue relative to the label’s can swing widely, anywhere from 20% up 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 didn’t return requests for comment. Universal Music Publishing Group declined comment.

Why Carey may have made over $2.7 million in 2022

Santa Claus and Mariah Carey during a pre-tape performance for NBC’s Christmas tree lighting at Rockefeller Center on Nov. 27, 2012 in New York City.

James Devaney | Wireimage | Getty Images

Experts note that earnings from record sales and licensing can vary greatly from year to year, while revenue from streaming and performance is more predictable.

Of the aforementioned estimated $8.5 million in global revenue and publishing royalties that “All I Want for Christmas Is You” earned in 2022, the Carey master recording brought in $5.3 million and publishing royalties accounted for the remaining $3.2 million, Billboard said.

What was Carey’s cut?

She made about $1.9 million of the master recording revenue, Billboard estimated, while her label, Sony, kept the other $3.4 million.

She’s getting paid six ways to Sunday.

George Howard

professor at the Berklee College of Music

Carey also earned an estimated $1.6 million of the publishing, assuming she and Afanasieff split the writing 50-50. But her take-home pay would have been less, depending on her publishing deal — perhaps ranging from about $795,000 to $1.4 million, Billboard said.

All told, these estimates suggest Carey may have made about $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 likely lucrative, according to Billboard. It also excludes cover versions of the song.

“There’s a ton of revenue that opens up” for a pop star who is almost “co-branded” with Christmas, including deals for brand endorsements, live performances, cosmetics, home goods and apparel, Manatt Entertainment’s Bromley said.

The gift that keeps giving

Picture Alliance | Picture Alliance | Getty Images

The song is the gift that will keep keep on giving for years, experts said.

The copyright for works published after Jan. 1, 1978, generally remains intact for the author’s lifetime, plus 70 years after the author’s death, according to Chee of 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 surviving author.

That means Carey’s estate will likely rake in royalties for decades, until the song eventually passes into the public domain, she said. When that happens, the song would join the ranks of Christmas classics like “Jingle Bells” and “We Wish You a Merry Christmas,” which can generally be freely shared and adapted.

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Trump administration loses appeal of DOGE Social Security restraining order

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A person holds a sign during a protest against cuts made by U.S. President Donald Trump’s administration to the Social Security Administration, in White Plains, New York, U.S., March 22, 2025. 

Nathan Layne | Reuters

The Trump administration’s appeal of a temporary restraining order blocking the so-called Department of Government Efficiency from accessing sensitive personal Social Security Administration data has been dismissed.

The U.S. Court of Appeals for the 4th Circuit on Tuesday dismissed the government’s appeal for lack of jurisdiction. The case will proceed in the district court. A motion for a preliminary injunction will be filed later this week, according to national legal organization Democracy Forward.

The temporary restraining order was issued on March 20 by federal Judge Ellen Lipton Hollander and blocks DOGE and related agents and employees from accessing agency systems that contain personally identifiable information.

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That includes information such as Social Security numbers, medical provider information and treatment records, employer and employee payment records, employee earnings, addresses, bank records, and tax information.

DOGE team members were also ordered to delete all nonanonymized personally identifiable information in their possession.

The plaintiffs include unions and retiree advocacy groups, namely the American Federation of State, County and Municipal Employees, the Alliance for Retired Americans and the American Federation of Teachers. 

“We are pleased the 4th Circuit agreed to let this important case continue in district court,” Richard Fiesta, executive director of the Alliance for Retired Americans, said in a written statement. “Every American retiree must be able to trust that the Social Security Administration will protect their most sensitive and personal data from unwarranted disclosure.”

The Trump administration’s appeal ignored standard legal procedure, according to Democracy Forward. The administration’s efforts to halt the enforcement of the temporary restraining order have also been denied.

“The president will continue to seek all legal remedies available to ensure the will of the American people is executed,” Liz Huston, a White House spokesperson, said via email.

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The Social Security Administration did not respond to a request from CNBC for comment.

Immediately after the March 20 temporary restraining order was put in place, Social Security Administration Acting Commissioner Lee Dudek said in press interviews that he may have to shut down the agency since it “applies to almost all SSA employees.”

Dudek was admonished by Hollander, who called that assertion “inaccurate” and said the court order “expressly applies only to SSA employees working on the DOGE agenda.”

Dudek then said that the “clarifying guidance” issued by the court meant he would not shut down the agency. “SSA employees and their work will continue under the [temporary restraining order],” Dudek said in a March 21 statement.

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Most credit card users carry debt, pay over 20% interest: Fed report

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Julpo | E+ | Getty Images

Many Americans are paying a hefty price for their credit card debt.

As a primary source of unsecured borrowing, 60% of credit cardholders carry debt from month to month, according to a new report by the Federal Reserve Bank of New York.

At the same time, credit card interest rates are “very high,” averaging 23% annually in 2023, the New York Fed found, also making credit cards one of the most expensive ways to borrow money.

“With the vast majority of the American public using credit cards for their purchases, the interest rate that is attached to these products is significant,” said Erica Sandberg, consumer finance expert at CardRates.com. “The more a debt costs, the more stress this puts on an already tight budget.”

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Most credit cards have a variable rate, which means there’s a direct connection to the Federal Reserve’s benchmark. And yet, credit card lenders set annual percentage rates well above the central bank’s key borrowing rate, currently targeted in a range between 4.25% to 4.5%, where it has been since December.

Following the Federal Reserve’s rate hike in 2022 and 2023, the average credit card rate rose from 16.34% to more than 20% today — a significant increase fueled by the Fed’s actions to combat inflation.

“Card issuers have determined what the market will bear and are comfortable within this range of interest rates,” said Matt Schulz, chief credit analyst at LendingTree.

APRs will come down as the central bank reduces rates, but they will still only ease off extremely high levels. With just a few potential quarter-point cuts on deck, APRs aren’t likely to fall much, according to Schulz.

Credit card debt?

Despite the steep cost, consumers often turn to credit cards, in part because they are more accessible than other types of loans, Schulz said. 

In fact, credit cards are the No. 1 source of unsecured borrowing and Americans’ credit card tab continues to creep higher. In the last year, credit card debt rose to a record $1.21 trillion.

Because credit card lending is unsecured, it is also banks’ riskiest type of lending.

“Lenders adjust interest rates for two primary reasons: cost and risk,” CardRates’ Sandberg said.

The Federal Reserve Bank of New York’s research shows that credit card charge-offs averaged 3.96% of total balances between 2010 and 2023. That compares to only 0.46% and 0.43% for business loans and residential mortgages, respectively.

As a result, roughly 53% of banks’ annual default losses were due to credit card lending, according to the NY Fed research.

“When you offer a product to everyone you are assuming an awful lot of risk,” Schulz said.

Further, “when times get tough they get tough for most everybody,” he added. “That makes it much more challenging for card issuers.”

The best way to pay off debt

The best move for those struggling to pay down revolving credit card debt is to consolidate with a 0% balance transfer card, experts suggest.

“There is enormous competition in the credit card market,” Sandberg said. Because lenders are constantly trying to capture new cardholders, those 0% balance transfer credit card offers are still widely available.

Cards offering 12, 15 or even 24 months with no interest on transferred balances “are basically the best tool in your toolbelt when it comes to knocking down credit card debt,” Schulz said. “Not accruing interest for two years on a balance is pretty hard to argue with.”

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The 60/40 portfolio may no longer represent ‘true diversification’: Fink

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Andrew Ross Sorkin speaks with BlackRock CEO Larry Fink during the New York Times DealBook Summit in the Appel Room at the Jazz at Lincoln Center in New York City on Nov. 30, 2022.

Michael M. Santiago | Getty Images

It may be time to rethink the traditional 60/40 investment portfolio, according to BlackRock CEO Larry Fink.

In a new letter to investors, Fink writes the traditional allocation comprised of 60% stocks and 40% bonds that dates back to the 1950s “may no longer fully represent true diversification.”

“The future standard portfolio may look more like 50/30/20 — stocks, bonds and private assets like real estate, infrastructure and private credit.” Fink writes.

Most professional investors love to talk their book, and Fink is no exception. BlackRock has pursued several recent acquisitions — Global Infrastructure Partners, Preqin and HPS Investment Partners — with the goal of helping to increase investors’ access to private markets.

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The effort to make it easier to incorporate both public and private investments in a portfolio is analogous to index versus active investments in 2009, Fink said.

Those investment strategies that were then considered separately can now be blended easily at a low cost.

Fink hopes the same will eventually be said for public and private markets.

Yet shopping for private investments now can feel “a bit like buying a house in an unfamiliar neighborhood before Zillow existed, where finding accurate prices was difficult or impossible,” Fink writes.

60/40 portfolio still a ‘great starting point’

After both stocks and bonds saw declines in 2022, some analysts declared the 60/40 portfolio strategy dead. In 2024, however, such a balanced portfolio would have provided a return of about 14%.

“If you want to keep things very simple, the 60/40 portfolio or a target date fund is a great starting point,” said Amy Arnott, portfolio strategist at Morningstar.

If you’re willing to add more complexity, you could consider smaller positions in other asset classes like commodities, private equity or private debt, she said.

However, a 20% allocation in private assets is on the aggressive side, Arnott said.

The total value of private assets globally is about $14.3 trillion, while the public markets are worth about $247 trillion, she said.

For investors who want to keep their asset allocations in line with the market value of various asset classes, that would imply a weighting of about 6% instead of 20%, Arnott said.

Yet a 50/30/20 portfolio is a lot closer to how institutional investors have been allocating their portfolios for years, said Michael Rosen, chief investment officer at Angeles Investments.

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The 60/40 portfolio, which Rosen previously said reached its “expiration date,” hasn’t been used by his firm’s endowment and foundation clients for decades.

There’s a key reason why. Institutional investors need to guarantee a specific return, also while paying for expenses and beating inflation, Rosen said.

While a 50/30/20 allocation may help deliver “truly outsized returns” to the mass retail market, there’s also a “lot of baggage” that comes with that strategy, Rosen said.

There’s a lack of liquidity, which means those holdings aren’t as easily converted to cash, Rosen said.

What’s more, there’s generally a lack of transparency and significantly higher fees, he said.

Prospective investors should be prepared to commit for 10 years to private investments, Arnott said.

And they also need to be aware that measurement issues with asset classes like private equity means past performance data may not be as reliable, she said.

For the average person, the most likely path toward tapping into private equity will be part of a 401(k) plan, Arnott said. So far, not a lot of companies have added private equity to their 401(k) offerings, but that could change, she said.

“We will probably see more plan sponsors adding private equity options to their lineups going forward,” Arnott said.

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