Many musicians aren’t just making their millions off of their music. Stretching their name and business savvy into other fields has proven just as profitable as selling their musical talents. Here are just a few of these musicians doing just this.
1) Sean Combs – P. Diddy or Puff Daddy operates his business interests under the business name Bad Boy Entertainment Worldwide. Business ventures that fall under Bad Boy Entertainment include Bad Boy Records; the clothing lines Sean John; Sean by Sean Combs, a movie production company; and his two restaurants. In addition to being an entrepreneur, Coombs has also taken the roles of recording executive, performer, and producer of MTV’s Making the Band. If that isn’t enough, he is also a writer, arranger, clothing designer, and Broadway actor.
So what else does P. Diddy sell under his various company names? There is his fragrance Unforgivable, which sells for roughly $70 a bottle. And then there is vodka. In 2007 he signed a multi-million dollar agreement with Ciroc.
Other ventures that earn P. Diddy a pretty penny include the TV series he created called “Making Da Band.” Diddy also owns restaurants in New York and Atlanta (named “Justin’s,” after his son). And if that’s not enough, Diddy holds the honor of having designed the Dallas Mavericks’ green alternate jerseys.
All of Coombs efforts have paid off well making him one of the richest hip-hop performers with a net worth estimated at US $346 million.
2) Jay-Z – Jay-Z, also known as Shawn Corey Carter is also a financially successful hip-hop artist having a net worth of over $150 million. Jay-Z co-owns the 40/40 Club an upscale sports bar that started in New York City and has since expanded to Atlantic City and Chicago. He is part owner of the NBA’s New Jersey Nets and is also the creator of the clothing line Rocawear along with Damon Dash. He is the former CEO of Def Jam Recordings, one of the three founders of Roc-A-Fella Records and recently, the founder of his new venture Roc Nation.
Jay-Z also serves as co-brand director for Budweiser Select and collaborates with the company on strategic marketing programs and creative ad development. He provides direction on brand programs and ads that appear on TV, radio, print, and high-profile events. He has also invested in a real estate development venture called J Hotels that recently acquired a $66 million mid-block parcel in Chelsea, New York.
3) 50 Cent – Curtis James Jackson III, better known as 50 Cent, rose to fame with his music which sold more than twenty-one million copies combined. It was from here that he went on to expand his empire through a handful of ventures. To start, he signed a five-year deal with Reebok to distribute the “G-Unit Sneakers” line as part of his G-Unit Clothing Company. He worked with Glacéau to create a Vitamin Water drink called Formula 50. In 2007, Coca-Cola purchased Glacéau for US $4.1 billion. 50 Cent also teamed up with Right Guard to launch a body spray called Pure 50 RGX Body Spray and a condom line called Magic Stick Condoms.
50 cent is also an author and started a reality TV show on MTV called 50 Cent: The Money and The Power.
4) Jennifer Lopez – Jennifer Lynn Lopez often nicknamed J. Lo, is an actress, singer, record producer, dancer, fashion designer and television producer. Lopez launched a clothing line in 2003 named JLO by Jennifer Lopez, which includes different types of clothing for young women, including jeans, T-shirts, coats, belts, purses, and lingerie. She also sells jewelry, hats, gloves and scarves. In 2005, J. Low launched a new clothing line called Sweetface. In late 2007, Lopez retired JLO by Jennifer Lopez and launched a new juniors’ line called JustSweet. Her fashion lines have featured at many New York Fashion Week events.
Jennifer has also opened a Cuban restaurant and is a spokesperson for Lux shampoo in Japan. Lopez owns the film and television production company Nuyorican Productions, which was cofounded with her manager Benny Medina. Lopez net worth is estimated at over $250 million.
5)Justin Timberlake – Justin Randall Timberlake is a pop musician and actor. Timberlake has co-owned three restaurants in the United States: “Chi” opened in West Hollywood, California and “Destino” and “Southern Hospitalty” in New York. He also has his own brand of tequila called 901; the name comes in part from the area code of his hometown of Memphis.
In 2005, Timberlake launched the William Rast clothing line with childhood friend Juan (“Trace”) Ayala. The 2007 line contained cord jackets, cashmere sweaters, jeans and polo shirts. The pair reports inspiration from fellow Memphis native Elvis Presley.
Recently Timberlake started his own record label, Tennman Records.
These are just a handful of musicians who have made it big in other arenas; numerous other musicians are making it big with their marketing skills, business expertise and name.