Although the music industry is undeniably profitable, achievements have been achieved largely due to investments in other areas.
Hip hop has evolved over the years to become one of the most profitable music styles in the world. Still, it’s not easy for an artist of this – or any other – genre to enter the magazine’s famous list of billionaires. forbes.
jay-z achieved this feat in 2019, becoming the first rapper in history to reach such a position. Kanye West (now legally called yes), in turn, succeeded in 2020. However, in the 2023 list, west is no longer there – playing the husband of Beyonceagain, the only hip hop name to make the ranking.
According to the current survey, the net worth of jay-z increased from US$1.5 billion (about R$7.4 billion) to US$2 billion (about R$9.8 billion). In the case of westthe values were not revealed, but the departure from the list of billionaires occurred due to the loss of his contract with adidas.
As reported by the forbesthe sports fashion company ended its partnership with west in October 2022 after the rapper posted a series of anti-Semitic comments on social media. In a statement, a representative said that the artist’s lines were “unacceptable and dangerous” and reinforced that the corporation has “diversity and inclusion values”.
The link between Adidas and Kanye was quite narrow, as the artist’s tennis brand, yeezy, accounted for 4% to 8% of Adidas’ total sales. The rapper himself stated that the partnership represented $1.5 billion of his net worth. The company, on the other hand, estimated an impact of 250 million euros (about R$ 1.35 billion) on its 2022 net profit.
Jay-Z, the only billionaire rapper
the great lighthouse jay-z for businesses outside of music has made his equity increase more and more. A forbes highlights that since 2019, when he first entered the magazine’s list of billionaires, the rapper has more than doubled his fortune. Most of that income comes from his investments in the beverage industry, as highlighted by the publication:
“In 2021, LVMH (holding company specializing in luxury goods) bought a 50% stake in the Champagne company of jay-z, Armand de Brignac, also known as Ace of Spades. He sold most of his stake in his D’Usse cognac brand to Bacardi in February 2023. His other assets range from a fine art collection including works by Jean-Michel Basquiat, his music catalog and shares in companies like Block and Uber.”
Source: Rollingstone
Earl Johnson is a music writer at Gossipify, known for his in-depth analysis and unique perspective on the industry. A graduate of USC with a degree in Music, he brings years of experience and passion to his writing. He covers the latest releases and trends, always on the lookout for the next big thing in music.
