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In summer 2022, an artist that got her start performing "songs of the summer" reached a financial status that is often unprecedented for a bulk of people in the arts. Simply this feels plumbing equipment for Rihanna, a recording creative person and dazzler mogul who inspired multiple generations of people to be more than confident every twenty-four hour period. Now that she'south a billionaire, it's exciting to meet what Rihanna will do next.
In a time where near billionaires in the public eye resemble supervillains from comic books, information technology'southward reassuring to see inspiring creatives also reaching that milestone. Rihanna is not the first musician to get a billionaire, but she is in peachy visitor.
Today, Shawn Corey Carter — aka Jay-Z — is a businessman first and a rapper second. Ten of Jay-Z's albums accept reached #1 on Billboard. His album Vol 2….Difficult Knock Life spent 69 weeks on the Hot 100 Nautical chart. A lot of folks compare Carter to his wife, Beyoncé Knowles Carter, whose individual net worth is estimated to exist at virtually $500 million. So, what separates the two in terms of their internet worths? Jay-Z's broad list of interests and concern ventures.
In terms of music, Carter cultivated the careers of people like Kanye West and Rihanna. He founded Roc-A-Fella Records in 1995 and stayed with the company until 2009. This conclusion enabled Carter to have control of his music and curate a deep library of music that remains both iconic and relevant today.
It wasn't until 2022 that Jay-Z officially became a billionaire, but no one seemed surprised past this news. After all, Carter was a part-owner of the Brooklyn Nets for 10 years, and he bought the majority of Tidal, a music streaming service, for $56 million in 2022. Later, he sold the service to Twitter'southward Jack Dorsey for $350 million, proving that he'south ever thinking in a business concern-minded manner.
2. Sir Andrew Loyd Weber
While the term "going viral" was not in the colloquial until the internet age, that doesn't hateful the same sort of phenomenon didn't happen prior to then. Andrew Loyd Weber is responsible for leading the way in musical trends, especially in theater, for the latter half of the 20th century. The English composer, who was born in 1948 has been knighted by Queen Elizabeth I, won several Tony awards and became a billionaire through his art.
Webber'southward early popular musicals from the 1960s include Joseph and the Amazing Technicolor Dreamcoatand Jesus Christ Superstar. Other successful productions of his include Evita, Phantom of the Opera (the 1 from the 1980s that anybody loves), and The Woman in White. In 2022, Webber premiered his latest musical, a new accommodation of Cinderellathat sticks true to the original Grimm fairytale. Different other artists on this listing, Webber is the only 1 to have earned the bulk of his fortune through his iconic music, rather than other business organisation ventures.
Of Webber's many productions, Catswas the musical that helped Webber to clinch his billionaire condition. Until it was surpassed by The Lion Rex, Catswas the longest-running play in Broadway history. There have been countless adaptations of Webber'due south odd, whimsical musical about the secret lives of felines. A feature pic of the musical was released in 2022, the aforementioned year that Webber'southward net worth entered billionaire territory.
3. Sir Paul McCartney
We know that Paul McCartney believes in yesterdays, but patently he believes in being business concern savvy and protecting the piece of work of his and others too. According to CBS, the Beatles have sold more than than i.6 billion singles in the The states alone. Even more impressively, they have sold more than 600 million albums across the world.
There was a controversy in the 1980s when Michael Jackson acquired the rights to a massive portion of the Beatles' vocal catalogue. Jackson sold some of the songs to Sony in 2008 while experiencing financial difficulties. After Jackson's passing, Sony acquired the rest of the songs. At the fourth dimension, McCartney did still receive some royalties for the songs — only not all of them.
Fortunately for McCartney, who is worth $one.2 billion, he has enough solo piece of work and other songwriting credits, even for other artists' tunes, that were also massive successes. Recently, the death of McCartney's wife, Linda, resulted in a $200 meg inheritance for the former Beatle.
McCartney continues to manage his own song catalogue and owns the rights to other artists' music, like the iconic Buddy Holly, who influenced the Beatles early in their career. According to Billboard, McCartney owns the rights to over 25,000 compositions, including "Hard Knock Life," which was sampled by Jay-Z in the late 1990s. Maybe his squabble in the '80s with the King of Pop left a lasting impression on McCartney when it comes to the value of music.
iv. Rihanna
In 2022, NPR called Rihanna the most influential musician of the 21st century. And they weren't wrong. Robyn Rihanna Fenty has been named the top-selling creative person of the digital era. Across her eight albums, 14 of Rihanna'southward singles have reached the top spot on Billboard'southward charts. Her Guinness World Records include being the virtually "liked" person on Facebook in 2022 and being the female artist with most #ane singles in a unmarried year. The only woman in entertainment who'south wealthier than Rihanna is longtime billionaire Oprah Winfrey.
Despite her musical success, another venture enabled Rihanna to achieve new financial heights. Fenty Beauty, a cosmetics company that takes it's name from Rihanna's surname, focused on creating makeup and other products through an inclusive lens. Historically, the makeup industry has catered to people with white pare, but Fenty's products are for everyone. As Fenty beauty grew, Rihanna launched a fashion haus of the same name. Today, Rihanna serves as an ambassador for her home country of Barbados.
What Billionaire Musicians Mean for the Future of Money
What's interesting about these four iconic musicians is that they all became billionaires in contempo years. In 2022, the number of billionaires reached 2,755. This is a 30% increment over 2022. However, the number of billionaires is increasing every bit income inequality is besides on the rise. Time will tell whether or non these new billionaires hoard their wealth or use it to empower others. Nosotros're hoping for the latter.
This can be discouraging, but if we're looking for lessons to be learned from these four billionaire musicians it might be this: Discover what yous're proficient at and bring passion to your endeavors. Additionally, information technology's okay to accept varied interests, and, if you tin can brand them work, more power to you. At that place are a lot of barriers to overcome, systemic and otherwise. Merely, with the right plan, execution, and maybe a little luck, you too can follow a passion to fiscal success.
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Source: https://www.askmoney.com/investing/billionaire-musicians?utm_content=params%3Ao%3D1465803%26ad%3DdirN%26qo%3DserpIndex
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