The (Financial) Power of Hip-Hop
Forbes has released its Celebrity 100 list and, for the first time, included hip-hop artists in the list of highest-paid performers.
It’s almost mind-boggling to think about how much money is coming from hip-hop and related businesses in comparison to what I saw when I first started listening to the music in 1979.
Just check out the figures and see if you were as amazed as I:
Jay-Z landed inside of the top 10 at #9, with earnings of over $83 million, much of it due to the sale of Rocawear clothing to Iconix in March for $204 million in cash.
In sheer earnings Jay-Z landed at #7, ahead of actor Tom Hanks, but just behind legendary rockers The Rolling Stones.
50 Cent landed at #32, with earnings of $33 million, based on earnings from his G-Unit empire, which includes music, movies and clothing.
Forbes expects 50 Cent’s to chart high next year, due to the sale of $4.1 billion sale of Glaceau to the Coca-Cola company.
50 Cent owned a reported 10% stake in the company, netting the rapper hundreds of millions of dollars, although the exact earnings figure has yet to be revealed.
Forbes closed on the issue prior to the information being released.
In sheer earnings, 50 Cent landed at #29, beating out Rush Limbaugh but coming in behind LA Laker star Kobe Bryant.
Sean “Diddy” Combs landed at # 43, based on earnings of $23 million, derived from his Bad Boy Entertainment and Sean John empires.
In sheer earnings, Combs landed at #55, acing tennis star Maria Sharapova, but defaulting to Matt Damon.
Philadelphia rapper Will Smith landed at #57 with earnings of $31 million.
In sheer earnings Will Smith landed #38, beating rockers U2, but came in under basketball legend Michael Jordan.
So, needless to say, rap has evolved to the point where some can take their stardom and cash in to the tune of hundreds of millions of dollars. It’s good to see that some realize that a car or a chain is not the highest aspiration for a performer in their field.
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Was it with a sense of irony that you have a post about “$3 invention could save millions of lives” and follow it with a post on how much money rappers are making? Here in Atlanta we have all kinds of homeless and education problems, yet the $1 million club renovation for a new club by Mr. Dupri is reported without comment. I wonder where our priorities are.
June 15th, 2007 at 4:11 pm