You can add another zero to Michael Jordan’s net worth.
According to Continue reading
You can add another zero to Michael Jordan’s net worth.
According to Continue reading
Jordan earned an estimated $80 million last year from corporate partners Nike, Gatorade, Hanes, Upper Deck, 2K Sports, Presbyterian Healthcare and Five Star Fragrances. Other Jordan assets include six restaurants, a North Carolina car dealership, a motorsports team and his 80% stake in the Charlotte Bobcats.
The Jordan Brand, a division of Nike, is responsible for the vast majority of MJ’s earnings. Jordan partnered with Nike after being drafted by the Bulls out of North Carolina in 1984. The original five-year deal was worth $500,000 annually, plus royalties. The terms of Jordan’s current deal with Nike are a closely guarded secret, but royalties now generate more than $60 million annually for MJ, according to sources.
Nearly 30 years later, the brand is still a marketing juggernaut. It controlled 58% of the U.S. basketball shoe market in 2012, according to research firm SportsOneSource. The Jordan Brand’s parent, Nike, was second with a 34% share, while Adidas (5.5%), Reebok (1.6%) and Under Armour (0.6%) divvied up the leftovers.
These days, however, the hip-hop mogul is changing his tune.
“You started learning how to count right, I see,” Diddy told FORBES earlier this year, referring to more recent estimates. “Thank God!”
He likely won’t find fault with our latest rankings, either: Diddy tops this year’s list of hip-hop’s top earners, pulling in $50 million over the past 12 months. He’s one of rap’s most diversified moguls, thanks to his Bad Boy record label, Sean John clothing line and Blue Flame agency. But it’s his agreement with Diageo’s Ciroc vodka that brings in the bulk of his bucks. Next up: cable channel Revolt, which will debut this fall via Time Warner and Comcast.
Jay Z lost his hyphen this year but gained $43 million—good enough to earn the second spot on the list. He’s been padding his coffers with his lucrative live shows, Armand de Brignac champagne, D’Ussé cognac, Roc Nation label and management firm and a host of other ventures. His new album went platinum before its July launch when Samsung shelled out $5 million to buy 1 million copies.
Dr. Dre rounds out the top three with $40 million. After winning last year’s cash crown, he’s down two spots because he’s no longer boosted by a nine-figure payout for selling part of Beats by Dr. Dre in 2011. But he’s still cashing in on the ubiquitous headphones, expanding the company to include a long-awaited streaming music service. He’s also made time to mentor other artists on the list, including Kendrick Lamar, who makes his Cash Kings debut with $9 million.
“Definitely one thing [Dre] said is, you can’t accept everything for a dollar,” Lamar explained. “If it’s not right … if it’s not something that you see has longevity in it, you have to pass it up.”
When it comes to longevity, it’s hard to top Cash Money Records, which has been among hip-hop’s top labels for two decades. Its roster includes four names on the list—crossover star Drake ($10.5 million), rap legend Lil Wayne ($16 million), label co-founder Birdman ($21 million) and fourth-ranked Nicki Minaj, the only lady on the list ($29 million).
“I think we all have our own individual personalities,” Drake told FORBES earlier this year. “The powers that be within this company allow us to be ourselves, as opposed to trying to control what’s going on.”
The Cash Kings list tracks pretax earnings for all living artists whose work is primarily classified as hip-hop or rap. To form the list, we looked at income from touring, record sales, publishing, merchandise sales, endorsements and other ventures. Management, agent and attorney fees are not deducted. Earnings are tabulated from June 2012 to June 2013 and based on data from Pollstar, the Recording Industry Association of America and Nielsen SoundScan, and from interviews with numerous managers, lawyers, record executives and some of the artists themselves.
All in all, hip-hop’s top ten earners pulled in $256 million—that’s $15 million more than the ten highest-paid DJs of the ascendant electronic dance music genre. Some hip-hop stars are actually being boosted by the EDM boom: with estimated earnings of $6 million apiece, rapper/producer Lil Jon returns to the list and Roots frontman Questlove makes his debut, both boosted by lucrative DJ gigs.
“I’m in the room for, like, all the midlife crisis people that don’t want to move on,” said Questlove, who also works as a drummer, producer, professor and author. “The first time I tried to do an EDM set, they were like, ‘No, no!’ I’ve never been to Vegas before where I was allowed to play break beats and old hip-hop.”
There are more fresh faces among this year’s Cash Kings–and perhaps the most celebrated belong to the Seattle-based rapper-producer combo of Macklemore and Ryan Lewis. Their debut album The Heist has sold over 1 million copies in the U.S. and spawned hit singles including marriage equality ode “Same Love” and frugality anthem “Thrift Shop”; they may have to rethink the philosophy behind the latter after pulling in $9 million over the past year.
As for Diddy, if he keeps up this pace, it won’t be long before he joins an even more prestigious list: the Forbes 400.
“I don’t want my career to be defined on [whether or not] I was quote-unquote a billionaire,” he said. “But to be honest, I’d be blessed to be a billionaire … hopefully someday it’ll come true and I’ll be able to do some good with it.”
Diddy stopped by New York City’s Hot 97 radio station on Wednesday night (May 2) to announce that renowned DJ Funkmaster Flex is officially part of his Ciroc team.
As the conversation between Diddy and Flex continued, the rap mogul touched on everything from being crowned No. 1 on this year’s Forbes list of wealthiest hip-hop artists, being on a record with Ma$e again and, on a more serious note, former Bad Boy G. Dep’s recent guilty verdict for second-degree murder.
“I was like, ‘Wow’,” Diddy told Flex when asked what he thought of Dep’s guilty verdict on April 17. “None of that was in G. Dep’s nature. When there were certain things that he was going through with the substance abuse situation, he’d be a different person, but on an every day [basis], he was probably one of the nicest, most quietest, shyest, most humble cats that were out there. It was just so out of his character that it was mind-blowing.
“After the main announcement, I had heard that he had retracted his confession,” Diddy continued. “I said, ‘Okay, maybe he was under the influence when he confessed.’ Then out of nowhere, they said he was convicted and it’s a shame because he’s such a great talent and it all kind of stemmed from substance abuse.”
G. Dep, a longtime PCP user, was found guilty of the second-degree murder of Queens man John Henkel; a 1993 shooting that Coleman shockingly confessed to at New York Police Department’s 25th Precinct in 2010, 17 years later. Dep is scheduled to be sentenced on Tuesday, May 8 and faces at least 15 years.
As serious as that conversation was, Diddy did have lighter moments with Flex.
He expressed excitement over getting on Wale’s “Slight Work (Remix)” with French Montana and former Bad Boy Ma$e.
“Me and Ma$e are cool,” Diddy commented. “We’ve kept in touch over the years. I love Ma$e. If it wasn’t for Ma$e, I wouldn’t be where I am today. Me and him were like Batman and Robin. It felt good to get back on a record with him.”
He also took the time to rib his good friend Jay-Z for beating him on this year’s Forbes list.
“I’m usually at No. 1,” said Diddy, who earned $550 million to Hov’s No. 2, $460 million (Career Earnings). “Our plan was to always flip-flop on it. This was the year I told him that we had to flop it back to its original owner. We push each other, we inspire each other. It’s just a beautiful relationship of natural competitiveness. But you know, it’s back at Bad Boy.”—Jakinder Singh
Rap moguls Diddy, Jay-Z and 50 Cent have all been named in Forbes‘ new Top 5 Wealthiest Hip-Hop Artists list.
Leading the pack is Diddy with nearly half a billion dollars to his name.
When it comes to net worth, Jay-Z is number two. The top spot goes to Sean “Diddy” Combs, who tops our accounting of rap’s richest with a fortune of $475 million, fueled by his interests in Sean John clothing, Bad Boy Worldwide record label and, most significantly, his Diageo joint-venture vodka brand Ciroc. Jay-Z ranks a close second, with $450 million. Superproducer/rapper Dr. Dre ranks third with $125 million, fueled by past earnings generated from his own career and by helping to launch those of Snoop Dogg and Eminem. Curtis “50 Cent” Jackson, a onetime Dr. Dre protege who reaped a nine-figure payday from the sale of Vitamin Water to Coca-Cola, rounds out the top five in a tie with Cash Money Records cofounder Bryan “Birdman” Williams at $100 million. (Forbes)
The renowned financial publication also provided the reasoning behind each artist’s selection.
In order to form the list, we followed the same procedures we use to calculate the list of the world’s billionaires (released today) — valuing current holdings, looking at past earnings, leafing through financial documents and talking to a bevy of analysts, attorneys, managers and other industry players to find the nitty-gritty details. We considered only performers, which is why hip-hop mogul Russell Simmons isn’t on this list. Though other hip-hop artists including Lil Wayne, Pharrell Williams, Rick Ross and others — not to mention pop sensation Bruno Mars, who penned Travie McCoy’s hit song “Billionaire” — frequently speak of ten-figure desires, we kept our list to five because of the lack of information available on the fortunes under $100 million. (Forbes)
Last year, Jay-Z and his wife/singer Beyonce were ranked the highest-earning couple in Hollywood.
Music duo Jay-Z and Beyoncé Knowles earned $122 million between June 2008 and June 2009, landing them atop the publication’s annual Top-Earning Couples list in Hollywood for the second year in a row. The couple married quietly in 2008 and are responsible for everything from music (“Single Ladies” and “Empire State of Mind”) to clothing lines, worldwide tours, and product endorsements (like American Express and Budweiser). (Entertainment Weekly)
While Diddy has ventured into fragrances and clothing, 50 Cent recently launched his own sun glasses company.
3-D sunglasses! Much as he did with Vitaminwater, 50 is investing in and consulting for a company called Gunnar Optiks, which makes “lenses optimized for a sharper digital viewing experience,” including a pair for 3-D TV viewing. Ever since 50 made a reported $100 million off his dealings with Vitaminwater, Vulture has been extremely confident in the ostensible rapper’s business acumen (in a manner inversely proportional to our enjoyment of his music), so let’s go ahead and assume this reasonable-sounding Gunnar thing will work out. (New York Mag)