5 Musicians Turned Serial Entrepreneurs
Musicians are increasingly using their connections, capital, and clout to build business empires. Here are five business-savvy musical artists that have turned their side hustles into money-making engines.
Musicians are increasingly using their connections, capital, and clout to build business empires. Here are five business-savvy musical artists that have turned their side hustles into moneymaking engines.
Jay-Z
CO-FOUNDED: Roc Nation, Marcy Ventures Partners
Hip-hop's first billionaire, Shawn “Jay-Z” Carter, has an empire encompassing beverages, art, real estate, and technology investments. The rap artist co-founded Roc-AFella Records in 1995 and global entertainment company Roc Nation in 2008. In 2018, Jay-Z co-founded venture capital fund Marcy Venture Partners with Jay Brown and Larry Marcus. Named after the housing project he grew up in, the fund's portfolio raised $85 million in 2019. Forbes listed the 51-year-old as one of the world's highest-paid entertainers in 2020, with earnings of $53.5 million. The Brooklyn native had a real-time net worth of $1.4 billion as of March 10, 2021.
Beyonce
FOUNDED: Ivy Park
Pop culture icon Beyonce KnowlesCarter first rose to fame as the lead singer in girl-group Destiny's Child. The musician started an accessible fashion label called “House of Déreon” with her mother in 2006, established entertainment firm Parkwood Entertainment in 2008, and launched an activewear line named “Ivy Park” in 2016. She announced a new collaboration with retailer Adidas to relaunch
Ivy Park in 2019. Her BeyGOOD non-profit foundation launched the Black-Owned Small Business Impact Fund with the National Association for the Advancement of Colored People (NAACP) in July 2020 to strengthen small businesses and ensure economic empowerment. Forbes ranked the 39-year-old 72nd on its Power Women 2020 list.
Rihanna
FOUNDED: Fenty
Despite her musical success in the early 2000s, Barbadian singer Robyn “Rihanna” Fenty has acquired the bulk of her fortune from Fenty Beauty, Fenty Skin, and Savage X Fenty lingerie line—brands she co-owns with French luxury goods group LVMH. She became the first black woman to lead a house under LVMH when the Fenty range launched in 2019. Her beauty and skincare line grossed over $600 million in sales in 2019, and Rihanna's stake is an estimated $375 million, making it her most valuable asset. In February, LVMH and Rihanna announced that Fenty's ready-to-wear apparel would be “put on hold” pending better market conditions. Forbes listed the 33-yearold as one of the world's highest-paid entertainers in 2020, with earnings of $46 million.
Sean Combs
FOUNDED: Combs Enterprises
Known by his stage names “P Diddy” and “Puff Daddy,” American rapper, singer, songwriter, and record producer Combs launched his company Bad Boy Entertainment in 1992. As chairman and CEO of Combs Enterprises, the 51-year-old oversees a portfolio of brands and interests that includes music, beverage, entertainment, media, fragrance, fashion, and marketing. Forbes listed the 51-year-old as one of the world's highest-paid entertainers in 2020, with earnings of $55 million.
Lady Gaga
FOUNDED: HAUS Laboratories
Award-winning vocalist and actor Gaga took on the role of beauty entrepreneur in 2019 with the launch of her startup, HAUS Laboratories. Born Stefani Joanne Angelina Germanotta, the American musician's first independent business has raised over $10 million in venture funds and is sold exclusively on Amazon. Every $1 from a paid transaction on hauslabs. com is donated to Gaga's Born This Way Foundation, a non-profit founded in 2012 to tackle mental health. In 2020, Forbes listed Gaga as one of the world's highest-paid entertainers, with earnings of $38 million. The lead actress of “A Star Is Born” was the first woman and only the second person ever to win an Oscar, Grammy, BAFTA, and Golden Globe in one year.