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Sunday, October 28, 2007

50 Cent: 50 Ways To Get Rich

Interview By: The Wonder Twinz & Chris Gravagna
Story Written By: Katelyn Nudo

Although 50 Cent is the head of his several businesses, including his label G-Unit Records, he admits having management and the right team behind you is necessary. "I can't take every conversation or make every meeting. A big part of being able to excel, is being able to delegate responsibilities. You can't do everything yourself, nobody can. If you can accomplish making people underneath you feel like they're the boss too, then you'll boost overall moral to the highest level it can get."

50 credits his chooling in "music Biz 101" to the people at Columbia Records, where he first signed as an artist, years prior to Aftermath. After spending a year learning all the responsibilities of his past product manager, Ron Archer, publicist Yvette Gayle and now Art Director of G-Unit Records, Julian Alexander, 50 came out of his deal with Columbia with a well rounded education. "After being around that environment for a while, you learn how to navigate and maneuver. I don't regret that record deal at all. I thought I was ready in 1997, but it took for me to have that experience with Columbia to truly prepare myself."

Now Ten years later, 50 Cent has built a BRAND centered on his name and his G-Unit franchise. Despite all of his current million dollar companies and Formula 50 Vitamin water's gross, his record company is still his pride and joy. Alongside, one time manager and G-Unit Records President Sha Money XL, the label has signed numerous acts, all of which have brought the label success. "I was able to do what a lot of artists weren't. The public knows everyone in G-Unit because I didn't keep them around just to be my homeboys. I broke them up separately and presented them to the general public so that they could be recognized as individuals."

There's often a misconception about what truly happens when an artist receives a record deal. Many Artists believe that once they're signed, they're rich. They instantly want what follows with being a successful artist. The truth is that once you get signed, the road just begins. To beon the level of HipHop successes like Jay-Z and 50 himself, "it's harder than making it in the NBA. It's because of the amount of people trying to make it. Just imagine how many artists are in the studio right now, thinking that they're already in the business."

50 considers himself more conscious than the average guy in the music business. "If you can learn from your own mistakes you're smart. If you can watch other people and analyze their mistakes, then you're bright." To put it in perspective, 50 Cent currently has nearly ten business ventures besides his music career. So don't you think it's about time we all step our game up and learned from the HipHop mogul himself?

1 comment:

Steve Allen said...

It's no secret that the music industry has taken a hard hit with record sales over recent years, with file swapping on the internet and MP3's.

One of the hardest hit niches in the industry has been hip hop, or rap music as it is sometimes called. Sales plummeted 44% since 2000 and accounts for 10% in total music sales.

Although the outlook was bleak for the majority, the grass kept very green for those who went beyond their "craft" and became entrepeneurs.

According to Forbes magazine, the top earners in the hip hop brigade were not those who only produced albums and went on concert tours; they were directors of big business which was wagered on the entire hip hop and pop culture. These mega personalities endorsed anything and everything, tennis shoes, mineral water, clothing, perfumes etc.
It got to the stage where the name of the personality became the product brand itself.

So who are these top earners?

Currently the top slot goes to Shawn Carter, CEO of Def Jam
Recordings, known to Joe Public as Jay-Z. Last year, in 2006, his 11th album "Kingdom Come" sold 680,000 copies in it's first week of being released reaching the top notch in the US Billboard Chart.

Just that feat would make you think of complete success, but we're talking about rich people here, not just artists "wiv a message, check it out".

The sales figures of his album only scratch the surface of his fortune. In March of this year Jay-Z earned a whopping $204 million in sale of his exclusive brand of clothes 'Rocawear' to the Iconix Brand Group. He still controls the marketing, licensing and product development of the label and over the next five years will put another $35 million annually into his pocket if the brand sells well.

The businessman / (part time) rapper also has a joint venture being co-owner of the 40/40 Club franchise, a sports bar for the upper middle class as well as having a piece of the action in the New Jersey Nets basketball team. In October 2006, he was nominated co-brand director of 'Budweiser Select' after his single was featured in a drinks commercial.

Also as previously stated in a previous article of mine, he earns around $13 million a year for the distribution of the vodka Armadale. His income for 2006 was estimated at around $34 million. In 2007 his estimated wealth ammounted to $547 million.

Sean Combs, now known simply as Diddy after several name changes, is running in second place in the wealthiest hip hop entertainer stakes (although Forbes put him back to third in their list) in 2006. He is worth a staggering $358 million. Combs is magnate of an empire made up from Bad Boy Records, the Sean John clothing line, Unforgivable cologne, and two restaurants called Justin's.

We couldn't leave 50 Cent out of the frey. He's worth a paltry (if the others are to go by) estimated $200 million. His G-Unit includes a clothing company, a sneakers brand and video games.
He also had a 10% stake of Glaceau, a drinks line. When Coca Cola bought the brand for $4.1 billion, it's beleived that 50 Cent got an awful lot more than his name suggests ($100 million, before taxes). The rapper is also owner of a condom line and has a stake in several
movies.

It's enuf to make yer wanna be a motha fu.... rappa! :)

Best regards,

Steve Allen



Steve Allen is consultant and music producer.

Author of "Marketing Your Music - Success Strategies", "Personal Management in the Music Industry" and "Street Teams - Expand your Fan Base"

http://www.marketingyourmusic.net