Damien on… The “America’s Got Talent” “Million Dollar” Prize
…which, if you read the SMALL print at the end of the show (you’ll have to freeze-frame it) is paid as an “annuity” over FORTY YEARS. Or the contestant can elect to receive a “lump sum” straight away.
So what is that ACTUALLY worth?
Well – if you are a member of a dance “crew” (cringe) – not so much. Let us say you go with the forty-year deal: it takes little mathematical skill to work out the annual payment – twenty-five grand.
So even if you are a SOLO act, the annual payment is less than a mediocre wage, in America. But if you are one of, say, TEN people (assuming you go for an even split) it works out to fifty bucks a week.
And then, there is depreciation. Fifty bucks, forty years AGO – would be worth about TWO bucks today!
Okay, what if you settle for that Lump Sum? Well – again, some simple maths reveals that the ACTUAL amount you would receive would likely be less than HALF of that million dollars. Then, in America, you’d have to pay TAX on it.
However, it is not all bad news. If you do WELL on AGT, you’ll become a STAR (albeit probably signed to Simon Cowell’s record company) and could get REAL millions for your appearances.
The real bugbear in all this is how Piers Morgan keeps BANGING ON about that “million dollar prize” in the show – like it’s a BIG DEAL.
And given it is just ONE payment, on a top-rated Summer show that runs for WEEKS (the first season was only nine eps, but each year it GROWS – the last season ran for THIRTY-ONE eps) and the fact it only costs SYCO (AGT’s prod. co.) around HALF that amount – their expenditure is MINIMAL, compared with the series’ overall budget.
So why don’t they just come CLEAN and say that an appearance on the show will make you FAMOUS – and that SEVERAL appearances will make you VERY famous – and that if you WIN, you’ll be VERY, VERY famous – and pick up a prize of half-a-million bucks, to BOOT?