Will it sell today in 2023? Doubtful. We're at the end of the era of physical media.
Will it sell if they wait another 7 years until 2030? Definitely not. Every year that goes by is another reduction in the possible profits.
That's really it: there simply isn't a market there for it.
As for the 35mm scan situation, this is not something exclusive to MJ: A lot of music videos were done on film in the 80s-90s. But they were made for TV, and sometimes VHS release. They were telecine'd, edited on tape, and mastered on tape.
The masters are Standard Definition tapes. To do a 4k transfer, one would need to find the original film elements (if they do exist still), rescan them all, find every shot in the master video and try to locate them in the film scan, and do an edit from scratch shot-by-shot.
Trouble is: in the case of Billie Jean, it may have been shot on film, but the video is full of video effects - even if the original negatives exists today, they would need to be in good shape, otherwise it means extensive and costly restoration, it also means recreating digitally 80s video effects from the time, shot by shot. Costly too.
The music videos that were made on film and edited on film are the ones that can be more easily be transferred to 4k: Beat It and Thriller do not contains video effects at all. For example: The Way You Make Me Feel would be the same case.
Many fans forget that it's not simple:
- One need to locate film elements that were used once during the production of the videos, before editing started, and may be lost.
- Even if the films are found, they may be unusable for a variety of reasons and may need restoration. Which costs money.
- Since the masters were edited and made on music videos, and because no EDL existed, one need to scan every frame from every negatives found and then conform it to the masters. Which takes times and money. Scanning is a costly process too.
- Some frames may be missing from the negatives. If the film was edited on tape, it means there were no dupe made, or internegative.
- The special effects were mastered on tape for a SD release. It's highly doubtful that the original rendering file from the SFX teams exists today, or are even readable at all. It means upscaling, frame-by-frame. That also takes time to do right. It's very costly.
Look, I'd love to see MJ's videos in HD, but one has to realize that it's not as simple as that. It's not a straightforward process.
Beat It and Thriller were shot on film and edited on film: they were prime candidates. IIRC, The only other music videos from MJ that were shot on film, edited on film, not edited on tape and do not contains any video effects whatsoever:
- Leave Me Alone
- The Way Your Make Me Feel
- Bad
- Speed Demon
- Come Together
- Liberian Girl
Pretty much everything afterwards contains video effects.