Keeping Up With Youth
There are two fields of endeavor in which young people can quickly strike it rich - professional sports and show business, particularly the music end.
A case in point is Olivia Newton-John, an Australian with limited singing and acting ability who had the good luck to be cast opposite John Travolta in Grease.
In 1975 Olivia signed a contract with MCA Records. Ordinarily the terms of such contracts are classified “top secret” by the signatories. But last year Olivia filed suit to break her five-year deal, and subsequently the terms were disclosed at a University of Southern California symposium on entertainment law and then picked up by writer Martin Grove.
Apparently Olivia’s contract called for her to record two long-playing records a year for two years - four albums in all - for which MCA would pay her $886,000 in nonreturnable advances plus royalties. Not bad, even though Olivia was required to pay her own recording costs.
After two years, MCA had options for another three years of Olivia’s albums. Having paid her $2.5 million in advances and royalties on her first four albums, MCA chose to exercise these options - after all, Olivia was a proven bestseller - but the singer declined to go ahead with the deal. She filed suit, charging breach of contract and alleging that MCA had inadequately publicized her records. MCA countersued and obtained an injunction preventing her from recording elsewhere.
Olivia and MCA subsequently shook hands, Olivia delivered her fifth album, “Totally Hot,” and was honored by Queen Elizabeth II, who made her an officer of the Order of the British Empire.