Cashing In on Hip Hop

The previous few years weren’t a very good time for the music trade by way of album gross sales. No style has taken this more durable than hip hop, which dropped 44 % in gross sales since 2000 and accounted for a mere 10 % of the full music gross sales. Regardless of this, the money nonetheless saved coming in for the hip hop moguls who went past being rappers and have become big-time entrepreneurs.

Within the Forbes’ checklist of hip hop money kings, the highest earners have been artists who did not simply produce albums and go on live performance excursions; they have been head honchos of multi-million empires which have been banked on all the hip hop and popular culture. These personalities put their stamp on all the pieces, from sneakers to vitamin water, a lot in order that have been already manufacturers in themselves.

The present high earner within the hip hop trade is Def Jam Recordings CEO Shawn Carter, higher often called Jay-Z. After a supposed retirement in 2003, the rapper staged a recording comeback three years later together with his eleventh studio album Kingdom Come. The album fared effectively with 680,000 copies bought on its first week, topping the US Billboard chart.

Album gross sales are nothing however a small fraction of Jay-Z’s wealth although. In March 2007, the rapper earned $204 million, earlier than taxes, within the sale of his clothes model Rocawear to the Iconix Model Group. He’ll nonetheless handle the advertising, licensing, and product improvement of the label and can pocket one other $35 million if the model performs effectively for the following three to 5 years.

The business-savvy rapper additionally co-owns the franchise of 40/40 Membership, an upscale sports activities bar, in addition to a small stake within the NBA crew New Jersey Nets. In October 2006, he was named co-brand director for Budweiser Choose after his single was featured in an Anheuser Busch advert. He additionally earns about $13 million yearly for the distribution of the Scottish vodka Armadale. His revenue for 2006 was estimated at $34 million. All in all, Jay-Z’s wealth as of 2007 amounted to $547 million {dollars}.

Sean Combs, now identified merely as Diddy after a collection of identify modifications, is the second wealthiest hip hop entertainer though he positioned third within the Forbes checklist of high hip hop earners for 2006. With an estimated internet price of $358 million, Diddy guidelines over an empire consisting of the report label Unhealthy Boy Data, the Sean John clothes line, the Unforgivable cologne, and two eating places known as Justin’s. Forbes positioned his earnings for 2006 at $28 million.

One other hip hop millionaire price an estimated $200 million is 50 Cent. His G-Unit features a clothes firm, a sneakers model, video video games, and a line of fiction. He additionally owned 10 % of Glaceau, a line of drinks. When Coca Cola bought the model for $4.1 billion, 50 Cent reportedly obtained $100 million (earlier than taxes). The rapper additionally owns a condom line and is concerned in a lot of movies. He landed on the quantity two spot of the Forbes checklist with a 2006 revenue of $32 million.

Time journal as soon as branded hip hop as capitalism with a beat. If that’s the case, then these rhyming millionaires are on the helm of it.

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