Long gone are the days of releasing a song, making a million, and retiring to an unnamed island in the South Pacific. Okay, maybe that never really happened but musicians today prove that there’s much more to riches and longevity than the music itself. In a newly released report by Forbes, veteran rockers the Rolling Stones showed a whopping take of $88 million from June 2006 to June 2007. That’s take home, folks. Rapper Jay-Z raked in the $83 mil. Also on the list of top earning musicians is Madonna at $72 million, Elton John at $53 million, 50 Cent at $33 million, and Justin Timberlake at $23 million.
Although relative newbies are on the list, most of the green goes to the veterans. With the popularity of newer acts, how does that happen? The answer is simple – promotion, promotion, promotion.
Obviously, musicians become famous through their varied talents. However, in order to rake in the really big bucks, touring is the key to long term success and riches. Look at the Stones for example. The band has been performing since the early 1960s. Madonna, who has more than 20 years under her belt, and Mr. Crocodile Rock himself, Elton John, has been out there for nearly 40 years. The Stones had the highest grossing North American tour last year, pulling in $139 million. Madonna’s 2006 "Confessions" tour raked in $194 million, the highest ever for a female artist. So how does this happen? Not by playing in a cornfield in Iowa, that’s for sure. For those who regularly attend shows, you know it’s all about the rising cost of a ticket. Madonna charged an average of $183.76 during her last tour; The Stones charged an average of $136.63. And the list goes on. So how can performers and promoters get away with charging such exorbitant prices? Because people will pay it. Newer bands, such as Snow Patrol had to settle for more reasonable ticket prices. The average price for a ticket to a Snow Patrol show was $31.27, according to Pollstar. But their day may come.
The second best way for musicians to build a portfolio is to diversify. It’s a common thing for musicians, actors and actresses, models and the like to put their names and faces to other businesses. Look at all the models who own restaurants or host reality TV shows; actresses who have developed their own perfumes or clothing lines. Jay-Z, however, takes the cake. The Brooklyn-born hip-hop icon used his name to start his apparel line, Rocawear, in 1999. The company met with great success due to the man’s business savvy. In March of this year, Jay-Z sold the company for $204 million. Forbes reports that Jay-Z will get to pocket about 25% of the sale. I wonder if he teaches a class.
Although relative newbies are on the list, most of the green goes to the veterans. With the popularity of newer acts, how does that happen? The answer is simple – promotion, promotion, promotion.
Obviously, musicians become famous through their varied talents. However, in order to rake in the really big bucks, touring is the key to long term success and riches. Look at the Stones for example. The band has been performing since the early 1960s. Madonna, who has more than 20 years under her belt, and Mr. Crocodile Rock himself, Elton John, has been out there for nearly 40 years. The Stones had the highest grossing North American tour last year, pulling in $139 million. Madonna’s 2006 "Confessions" tour raked in $194 million, the highest ever for a female artist. So how does this happen? Not by playing in a cornfield in Iowa, that’s for sure. For those who regularly attend shows, you know it’s all about the rising cost of a ticket. Madonna charged an average of $183.76 during her last tour; The Stones charged an average of $136.63. And the list goes on. So how can performers and promoters get away with charging such exorbitant prices? Because people will pay it. Newer bands, such as Snow Patrol had to settle for more reasonable ticket prices. The average price for a ticket to a Snow Patrol show was $31.27, according to Pollstar. But their day may come.
The second best way for musicians to build a portfolio is to diversify. It’s a common thing for musicians, actors and actresses, models and the like to put their names and faces to other businesses. Look at all the models who own restaurants or host reality TV shows; actresses who have developed their own perfumes or clothing lines. Jay-Z, however, takes the cake. The Brooklyn-born hip-hop icon used his name to start his apparel line, Rocawear, in 1999. The company met with great success due to the man’s business savvy. In March of this year, Jay-Z sold the company for $204 million. Forbes reports that Jay-Z will get to pocket about 25% of the sale. I wonder if he teaches a class.
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