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How Musicians Make Money
How musicians make money
How do musicians make money?
It is no doubt that music stars are one of the wealthiest people in the society and just like other wealthy people, they have reliable sources that they generate their money from. We would be looking at how music stars create their wealth, as we look at three ways that these stars generate money, I mean millions of Dollars.
Music stars have lots of opportunity to create an avalanche of wealth around them. They use their influence in the society to drag a lot of followers giving them huge backings for projects they engage in. Without wasting much time, let us take a look at some sources of a music star’s wealth.
1. Record sales:
A music star earns lots of monies from the revenue he generates from the sales of his music records. This is the prime source of income music stars use to create their wealth. Musicians make a lot of sales from records when they release records that are considered hit songs. According to list25 source, musicians with the highest sales records include (Source: List 25);
- The Rolling Stones have estimated sales from records in the region of 200 million copies .
- Queen, a music band according to the source has an estimated record sales believed to be in the region of over 105 million copies.
- Phil Collins has estimated sales of around 85 million.
- Another music star who earned a lot of money from sales of records is hip hop star Eminem, with sales record of 115 million copies.
- Whitney Houston is also another music star with enormous record sales, which is estimated to be in the region of 112 million.
- Canadian pop star Celine Dion is another on the list of high record sales, with estimated sales of 125 million.
- The Beatles, Michael Jackson, Madonna all have record high sales of 265 million, 175 million and 166 million respectively.
So you see how record sales can generate a lot of revenue for music stars, especially if they manage to have a hit record, just like the stars mentioned above.
2. Endorsement deals:
Music stars also earn a lot from endorsement deals they sign with companies. Endorsement deals, just like the sales of records depend on how famous a musician is in order for him to earn a lot out of endorsements. Lets us take a look at some musicians (Source; The Richest) who earn a lot from endorsement deals;
To start with on our list, we have;
- American pop star Justine Bieber who signed an endorsement deal worth an amount of $12 million with One Less lonely Girl collection in the year 2010.
- Next on the least of musicians earning a lot from endorsement deals is another pop singer Beyonce, who signed a deal worth $50 million with soft drink company Pepsi in 2012.
- Another music star to have huge endorsement deal is rapper 50 Cent, who signed an endorsement deal worth $100 million with Vitamin Water, however, this deal was as a result of the sale of Vitamin Water to Coca-Cola Company in 2007.
We just mentioned only a few music stars who earn big from endorsement deals they sign with corporate bodies, so you see that endorsement deals are very important to a music star as it creates enormous amount of wealth for them.
3. Launching of personal products;
we take a look at another way by which music stars create their wealth, and that way is by using their influence in the society to launch a product, which often ranges from, clothes, perfumes or jewelry. A music star can make huge amounts of money from the sales of his or her products. This is why many music stars have launched their clothing lines and are earning a lot from them, as their performances in the market is amazing, but this is not surprising, considering the number of fans they have. Some music stars who have launched successful products include (Source: Tobi Ghana);
Apple Bottoms: the brand apple bottoms belongs to famous American music star called Nelly. It is one of the most famous jeans brand in the jeans industries, the rapper launched this brand in the 2003, and it has so far gone to be a very big success, earning the rapper huge revenues from sales since he launched it.
Victoria Beckham denim: another music star who has her personal product line doing absolutely well and generating lost of income for her is famous music star Victoria Beckham who has the jeans brand name Victoria Beckham denim associated with her and just like the Apple bottoms, it is also doing well in the jeans' industry.
There are so many other ways that music stars use to create wealth for themselves, however in order to generate enough wealth you need to be a popular musician, with a lot of fan base.