There's probably no greater connoisseur of Disneyana than Michael Jackson, who has sprinkled throughout Neverland speakers disguised as rocks that blast ''Whistle While You Work.'' But don't count on one Disney soundtrack to make Jackson's playlist. Two weeks ago, the superstar's highly hyped HIStory was knocked out of the No. 1 spot by the Pocahontas soundtrack, and last week it fell to No. 4. It's enough to make a guy turn in his Peter Pan credentials.

Industry speculation was that Poca would give Jacko a run for his money, but few figured the King of Pop's chart reign would be this short. Fourth-week SoundScan figures had HIStory selling 105,000 copies, far below top sellers Hootie & the Blowfish (144,000), Pocahontas (133,000), and TLC (117,000).

Epic Records, which spent $30 million in marketing, points out that HIStory has still sold more than any other album released this year (about 900,000 copies). ''If we were panicked I don't think I'd be on the phone with you,'' insists Epic senior vice president Polly Anthony. ''We're very happy with where we are.'' Internationally, Anthony claims, HIStory is ahead of where Jackson's 1991 Dangerous was at the same point, though she has no official figures to support that yet.

If Jackson is off his American mark, are image problems to blame? Radio and retail reps maintain that the 1993 molestation allegations and recent charges of anti-Semitic lyrics (''They Don't Care About Us'') have had little permanent impact when compared with the album's hefty $23-to-$33 price tag and the mixed reaction to the single ''Scream.'' ''He's just pissed off (in the song),'' says Tracy Austin, music director at L.A.'s KIIS-FM, which dropped it from the playlist because of lackluster response. ''It's like, get it out of your system and make fun music again!'' The betting is that Jackson will recapture some of that fun with the next single, ''You Are Not Alone,'' a ballad written and produced by R. Kelly that's considered the album's most likely smash.

Smash or no, don't cry for Sony just yet. Although the sluggish start could pose problems for the company, which has recently lost market share to PolyGram, Sony won't forfeit its marketing budget. HIStory is wholesaling for around $20 -- double what Sony would charge retailers for a single album. If it reaches Dangerous' 5.5 million domestic mark, or sells 23 million copies internationally, as Dangerous did, well...you don't have to be Jackson pal Michael Milken to do the math.

Perception counts for plenty, though, and the perception is that pop's emperor is shedding clothes faster than Drew Barrymore. Perhaps even more embarrassing than the Pocahontas upset was HIStory's being trounced by an album that's been out for a year. King Michael, say hello to Supreme Commander Hootie.


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