Jay-Z has secured his second consecutive #1 spot on Forbes’ annual Hip-Hop Cash Kings list.
The Brooklyn mogul became this year’s far and away leader with $63 million earned in the last 12 months. The income was fueled by the success of his 40/40 nightclub franchise, an ownership stake in the New Jersey Nets, his platinum plus Blueprint 3 album and a subsequent tour that earned $1 million per concert.
Ryan Schinman, who is the chief of America’s biggest buyer of music for corporations in Platinum Rye, told Forbes that Jay-Z has one of the strongest brands not just in Hip-Hop, but music period.
“Jay-Z is in a league of his own right now,” he said. “There are very few artists of any genre, not just Hip-Hop, who’ve created such brands for themselves.”
Rounding out the top five are Sean “Diddy” Combs ($30 million), Akon ($21 million), Lil Wayne ($20 million) and Dr. Dre ($17 million).
Several artists have seen significant drops in their earnings but are poised to rebound strong over the next 12 months. Kanye West’s earnings dropped from $25 million on last year’s list to $12 million this year. However, West will be releasing his highly anticipated fourth album and launching a subsequent tour in 2010. 50 Cent, whose Vitamin Water deal placed him atop the Forbes list in 2008 with an astounding $150 million earned, made $8 million this year in a 12 months focused on ventures outside of music such as his acting career. The G Unit mogul looks focused to return to music over the next 12 months with a newly inked distribution deal with EMI for G Unit Records.
Despite huge drops in overall albums sales, Forbes reports that overall the rappers on their list are in line with what they earned last year. This is attributed to digital outlets like iTunes, which allows for certain songs to be purchased instead of entire albums, and cross-marketing opportunities.
Akon, for example, secured his #3 spot thanks to a portfolio that has his Kon Live label (home of Lady Gaga) supported with a World Cup Pepsi ad campaign and a clothing line (Konvict Clothing).
The Top 10 includes Ludacris at #6 ($16 million), Snoop Dogg at #7 (15 million), Timbaland at #8 ($14 million), Pharrell at #9 ($13 million) and Kanye West at #10 ($12 million).
Drake came in as the highest-ranking newcomer, grossing $10 million to land at #11.
For the entire list, please visit this LINK.
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You can’t say there isn’t money still to be made in the music industry. Of course, the majority of musicians (or people, for that matter) are not going to be seeing this kind of cash flow, but it does hold a lesson that can inspire all of us.
The key word is to “diversify.” Some may recall GZA’s humorous quote from the Dave Chappelle skit a few years back (“Diversify your bonds, nigga!”). Basically the days of getting by just being a specialist of a particular field or skill are over. These days to be truly competitive in today’s job market you have to possess an eclectic set of skills that can be applied to multiple aspects of business. For these musicians, it is clear they’ve recognized that in their personal dealings. The music is still the centerpiece and what they’re known for, but the other business moves allow them to still pursue their first passion without the burden of their sole income coming from record sales.
So don’t despair upcoming musicians, there is still money to be made in your profession. Just make sure you’re not solely focused on the money just in the music industry.
Beats, Boxing and Mayhem 