Topic: In The News
Submitted By: 1boss
Date Submitted: 04-16-14


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2014 Hip Hops Richest Artist (And They Said Hip Hop Is Dead Not If You Counting Money)

Back in 2007, Sean “Diddy” Combs teamed with Jay Z and 50 Cent to create a song titled “I Get Money: Forbes 1-2-3 Billion Dollar Remix.” Less than a decade later, rappers are closing in on ten-figure fortunes, and he’s the nearest of the bunch.

Diddy leads the pack 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 has plenty of competition in the race to $1 billion. His top challengers are Dr. Dre, who ranks second with $550 million, and Jay Z, in third place with an estimated $520 million. The former leapfrogged the latter on this year’s Forbes Five thanks to a large stake in Beats By Dr. Dre, which he cofounded with Interscope chief Jimmy Iovine in 2008.

The company controls an astounding two-thirds of the premium headphone market, with annual sales reportedly in excess of $1 billion and growing. Private equity firm Carlyle invested $500 million for a minority stake last year, pushing Beats’ value past $1 billion and likely closer to $2 billion.

“Beats has a unique brand—it speaks to a nice young demographic, which is really interesting to marketers,” says Peter Csathy, former president of Musicmatch, an early digital music purveyor acquired by Yahoo YHOO +6.26% in 2004 for $160 million. “When I think about Beats, I think about it as a lifestyle, I think of it as a media company, not just a hardware and music-focused company.”

Full coverage: Hip-Hop’s Wealthiest Artists 2014

Jay Z’s fortune continues to grow at a healthy clip, too. He’s made multiple nine-figure deals in the past, including his $204 million Rocawear sale in 2007 and his $150 million pact with Live Nation in 2008. But much of his recent growth comes from Roc Nation, his record label and management firm that recently added a sports agency. The outfit gets a single-digit cut of pacts like Robinson Cano’s $240 million monster agreement.

(For more on Mr. Carter’s rise as a businessman, check out Empire State of Mind: How Jay-Z Went From Street Corner To Corner Office).

Next  up: Bryan “Birdman” Williams, whose net worth would be over $300 million if he didn’t share his fortune with brother Ronald “Slim” Williams. The duo cofounded Cash Money Records two decades ago; Cash Money continues to grow with a roster that includes Drake, Nicki Minaj and Lil Wayne. Birdman has also diversified with Cash Money Content, GT Vodka and the YMCMB clothing line.


See Full Story @ ...2014 Hip Hops Richest Artist (And They Said Hip Hop Is Dead Not If You Counting Money)

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