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Rap music is big business… just look at the financial empire that the likes of Dr. Dre, 50 Cent, Jay Z and Kanye West have built over the years following their chart topping success as recording artists.
They have got their fingers in all kinds of pies, from nutrient drinks to high-end clothing lines, but who is the richest of all the rappers?
There can only be one. And that man is Dr. Dre. In 2012 the NWA legend was ranked as the richest Hip Hop artist by Forbes magazine with an annual salary in excess of $100million.
Ironically, most of this huge wealth was brought in outside of the recording studio where he first made his fortune as a maverick lyricist and producer.
In fact, his music career has been put on hold in recent years due to the success of his deluxe range of headphones and speakers, Beats by Dr. Dre.
In the process Dre became one of first hip hop stars to establish his name as a global brand.
When the first wave of rap stars entered the mainstream charts, everything was clearly defined in the hierarchy of the music business.
Groups like NWA and Public Enemy looked after the music making – while the business arrangements were left to men in suits for the major labels.
The idea of a business empire being managed by an international music star, or someone without a college degree, was extremely rare in 1988 – when ‘Straight Outta Compton’ first hit the airwaves.
But Dre was hungry for greater success and took his first step to financial liberation in 1996 when he left Death Row and set up his own label (Aftermath Records).
In pure business terms this was an inspired decision, as he signed the likes of Eminem and 50 Cent to his roster and took the world by storm.
But it was in 2006 when his greatest business venture first took shape, as he set up Beats Electronics with head of Interscope Records Jimmy Iovine. The sleek design and unparalleled sound quality of Beats by Dr. Dre made them bestsellers across the world.
In effect, the man behind ‘The Chronic’ has changed the mentality of rap forever. He has taught his disciples some valuable lessons in good business sense.
Take P Diddy, who started as a rapper/producer, but used his public persona to generate new cash flows, such as his clothing range Sean Combs.
Jay Z on the other hand moved into completely new terrain, cosmetics and sports, after gaining a controlling stake in Carol’s Daughter and the Brooklyn Nets respectively.
But Dre paved the way by taking those first steps out of the studio and into the board room.
Words by Martin Higgins, mhfreelance.co.uk