Sean “Diddy” Combs ranks No. 1 on this year’s Forbes Five list of hip-hop’s wealthiest artists with an estimated fortune of $700 million, an increase of $120 million over his net worth last year. The change comes largely from the addition of Revolt TV—the new, music-focused, multi-platform channel of which he’s the majority owner—to his already-hefty portfolio. “Right now my focus is Revolt and making it the number one, most-trusted, most credible worldwide brand for music,” he told FORBES in a recent interview. “And to get Revolt to be the quintessential definition of real time. I think that’s the future.”
Diddy is also set to give this year’s commencement speech at Howard University, his alma mater (although he eventually dropped out). Diddy will also receive an honorary degree for being a trailblazer in his field. Last year, after he donated $250,000 to The Network for Teaching Entrepreneurship, he told the aspiring, young business owners:
I understood that it was being an entrepreneur, I understood that that was my career path. Being an entrepreneur means freedom, it means independence. It means being invested and believing in myself.[…]I did the research and did the work to make sure that I was a master in whatever category I went into, too. If I went into apparel, I wanted to know everything about that. I went into spirits, so I knew everything about that. I’m starting Revolt, and I’m still learning on that one. [Laughs] But it’s about starting a brand, which I’m a specialist at.
I think it’s easier now [to start a company]. Over the years, entrepreneurs — people take it as a serious career and respect entrepreneurs, because they’re risk takers. Now people celebrate entrepreneurship.
Before, it was just, ‘That guy’s crazy! He needs to get a real job!’
For a little January inspiration, let’s take a look at Forbes’ Most Powerful Female Entrepreneurs List released last year. Although I’m a bit disappointed that not a single African woman made the list, I’m still happy that women worldwide are shaking things up in this male dominated world. According to Forbes, 2014 will be a breakout year for women entrepreneurs (and they list 11 reasons why). The number of $10-million-plus women-owned firms increased by 57% — a growth rate nearly 50% more than $10-million-plus firms overall.
On the list was Sara Blakely, (pictured above), the founder of SPANX. At 29 Blakely invested her entire life savings, $5,000, trying to come up with something flattering to wear under her white slacks. Six months later the one-time Disney World ride greeter and door-to-door fax machine salesperson found her new line of shaping underwear named one of Oprah Winfrey’s Favorite Things. Since then Blakely has taken Spanx from a one-product wonder sold out of her Atlanta apartment to a powerhouse with $250 million in annual revenues and net profit margins estimated at 20%. (more…)
It’s that time again when Forbes releases their annual Cash Kings of Hip Hop list. For the third year in a row, Jay-Z tops the list with an estimated revenue of $37 million in the last year. Jay-Z who unveiled his long-awaited collaboration with Kanye West – Watch the Throne this week, continues to reap the benefits of a 10-year $150 million Live Nation deal, as well as stakes in the New Jersey Nets, the 40/40 Club chain, ad firm Translation and others. This year marked the first time he out-earned wife Beyonce since their marriage in 2008. In last year’s list, his earnings were estimated at $63 million.
Touring was one of the many revenue streams they looked at to come up with the Cash Kings list, which charts pretax earnings for all living artists whose work is primarily classified as hip-hop or rap. The estimates also include income from record sales, digital downloads, films, merchandise sales, endorsements, books and other ventures; management, agent and attorney fees are not deducted. Earnings were calculated for the period from May 2010 to May 2011 and based on data from Pollstar, Nielsen SoundScan, the RIAA and individual record labels, as well as interviews with numerous lawyers, media buyers, managers and many of the artists themselves.
Check out who else made the list after the break. (more…)
Forbes recently released their list of the top 5 wealthiest Hip Hop artists. Amazingly, Diddy tops the list, beating out Jay-Z and 50 Cent. Diddy just won’t stop. The best thing that ever happened to Diddy was Biggie. However, Diddy took that exposure further and built a huge empire and brand. Regardless of what you think of the man, you have to admire his work ethic. The Forbes list was formed using the same procedures used to form the list of the world’s top billionaires – 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.
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. (more…)
This week, Forbes released their annual Cash Kings of Hip Hop list. There are plenty of surprises while some are expected. Like Jay-Z. He tops the list for the second year in a row! He raked in an estimated $63 million, which includes a worldwide tour (grossing about $1 million per show), co-ownership in the 40/40 club, and stake in the New Jersey Nets.
Jay-Z pulled in $63 million over the past 12 months, earning him his second straight hip-hop cash crown. His income level places him in the 35% tax bracket, which means he’ll pay Uncle Sam about $22 million this year–a sum greater than the total earnings of any other rap star besides second-ranked Diddy.
See the full list after the break. (more…)
Forbes Magazine has released their annual 100 Most Powerful Celebrities list. #1 is no surprise…Oprah Winfrey. Last year she took a backseat to Angelina Jolie at #2. News that this coming season of “The Oprah Winfrey Show” will be her last helped the self-made billionaire garner more media attention than any other member of the Celebrity 100. Her Harpo production company, which spawned the careers of Dr. Phil, Rachel Ray and Dr. Oz, will introduce interior designer Nate Berkus this fall. Months later, the list’s top-earner will add the lifestyle-themed Oprah Winfrey Network in partnership with Discovery Communications to her media empire.
Continue reading to find out who else topped the list. (more…)