Jay-Z is richest rapper with lazy $63m
In hip hop music, business really pays off if you can sell clothing or other products, according to a recent list of rich rappers from Forbes.com.
Shawn “Jay-Z” Carter topped a list of the richest rappers in a recent 12-month study with $63 million (Dh231.4m) in personal income, earning more than double that of runner-up Sean “Diddy” Combs with $30m from June 2009 to June 2010.
Diddy was followed by Senegalese-American rapper Aliuane “Akon” Thiam at $21m, and despite starting a jail sentence in March for weapons charges, Dwayne “Lil Wayne” Carter came in fourth with $20m.
Rap icon Andre “Dr. Dre” Young took in $17 million to round out the top five, according to Forbes.com
Almost all stars at the top of the list share a common business strategy – diversification – pulling in cash from alcohol sponsorships, clothing lines, nightclubs and film appearances in addition to concert tours and record sales.
Jay-Z co-owns the 40/40 nightclub chain. Diddy promotes Ciroc vodka and appeared in the feature film “Get Him to the Greek.” Dr. Dre and Lil Wayne have record labels. Akon appeared in a Pepsi World Cup ad campaign.
The real money isn't in record sales, said Zack O'Malley Greenburg, a Forbes writer who compiled the list. “Eminem tied at number 14, even though he's sold more records than any artist since 2000,” Greenburg said.
Eminem earned $8 million this year, despite the release of his album “Recovery” which sold 741,000 copies in the first week of sales. “It's pretty shocking to see him so low down on the list,” said Greenburg. “Compared to his peers, he doesn't really do much outside of music.”
Rappers, like others in the music industry, have responded to the current era of the digital downloads when CD sales don't reach the numbers they once did, by pumping out songs that help boost their celebrity which, in turn, fuels other ventures.
“Artists don't put out albums anymore, they put out single hits, so they have reasons to tour. Hits and tours make you relevant, and they get you sponsorships, and earn you money from merchandise,” said Greenburg, who is the author of a forthcoming business-focused biography of Jay-Z.
Greenburg looked at male recording artists who primarily produced rap or hip-hop, and estimated their earnings from record sales, song downloads, touring, film and TV appearances, endorsements and other sources.
The full list can be found on www.forbes.com/hiphop.