How Jay-Z built his multi-million empire? 5 strategies to success
Jay-Z is a self-made millionaire with a huge net worth of $810 million.
Well, such a huge fortune isn’t what the rapper and entrepreneur achieved without setbacks.
He released his first album, Reasonable Doubt in 1996 and since then there has been no looking back.
Jay-Z debut album: Reasonable Doubt (1996)
It’s hard to predict the future, but sometimes, strategies of successful people can be helpful.
Here are some strategies that have contributed to putting Jay-Z on track to possible first billionaire rapper.
Betting on himself
After failing to sign with a major record label, Jay-Z partnering with Kareem Burke and Damon
Dash started their own record label, Roc-A-Fella Records, in 1996.
He achieved instant success, and when Def Jam offered him a recording deal, he replied, “I own the company I rap for.”
Instead of signing with Def Jam, he later sold Roc-A-Fella to them and went on serving CEO of Def Jam for three years.
Valuing the market underdog
Jay-Z is not afraid to go with the market underdog. He entered a four-year partnership with Reebok instead of pursuing a sneaker deal with Nike in 2003.
In 2010, his one million dollar campaign for the book, ‘Decoded’ doubled as promotion for Microsoft’s search engine Bing, which was new to the market.
Likewise, he purchased one-fifth of the NBA team Nets, not the higher-ranked Knicks in 2004 and then moved the team’s location from New Jersey to his hometown.
The rapper promoted his 2006 album, Kingdom Come with a Budweiser commercial shown during Monday Night Football.
Around that time, he was named co-brand director of Budweiser Select beer, and he still continues to have a corporate relationship with the brand.
Similarly, in 2008, with the help of Live Nation, he launched his management company, Roc Nation, which has since expanded into sports and also invests in startups.
Controlling his image
Jay-Z and Damon Bash launched Rocawear clothing in 1999 and sold the clothing line to Iconix Group reportedly for $204m after eight years.
However, Jay-Z continued to keep his creative control and stake in the company’s operations.
Using platform to serve greater good
Since 2013, Jay-Z has been funding Shawn Carter Scholarship Fund, which helps economically challenged students to attend college.
Earlier in 2017, he announced that he would be donating to organizations like Color of Change and Southerners on the New Ground.
In 2016, Roc Nation and his music streaming service, Tidal donated about $1.5 million to various organizations like Black Lives Matter.
These are the smart strategies Jay-Z has built his nearly billion-dollar empire with. Hopefully, these savvy business tactics of the rapper may be helpful for you too. Let us know in the comment.