Many People think that successful celebrities in the entertainment industry are successful and very wealthy because of what they are most known for doing, such as being an actress, actor, rapper, singer, or athlete, but in reality, the wealthiest people in the entertainment industry are those who have invested their money in other business ventures.
Today’s post is about famous celebrities in the music industry and how they really became so wealthy. Lets start out with Sean “Diddy” Combs the CEO and founder of bad boy records, This man is Hip-Hop’s wealthiest artist according to Forbes with a net worth of a about $735 million. Although Combs was already a wealthy man from bad boy records, in 2007 Diddy signed a deal with Diageo’s Ciroc (Other products from Diageo you might be familiar with are Johnnie Walker, Captain Morgan and Smirnoff). The Deal stated that if Combs represented the brand, he was entitled to eight-figure annual payouts and if Ciroc were ever to be sold, Combs would receive a nine-figure payout. After Combs agreed to be Ciroc’s brand ambassador Ciroc’s sales went from selling 40,000 thousand cases a year to selling 2.1 million cases as of 2012. Other business ventures Combs has that have contributed to his wealth are his clothing lines Sean John and Enyce, and his marketing firm Blue Flame.
Another Successful Artist in the music industry and Hip-hops second wealthiest man is Jay Z. According to Forbs magazine Jay Z’s Net worth as of 2015 is $550 Million. Just like Combs, it was not just his music that has made him so wealthy, but having other business ventures such as his clothing line Rocawear that he sold in 2007 for $204 million, also a deal he made with Live Nation in 2008 for $150 million. Jay Z also owns a percentage of the Jersey Nets and the list goes on.
According to Forbes.com, “It's only a matter of time before one of hip-hop's richest becomes a member of the Forbes 400. “
Fun fact of the day: Jay Z and Beyoncé’s combined net worth is over $1 billion and according to www.ibtimes.com Jay z and Beyoncé’s divorce could cost upwards of $1 billion