When we meet somebody who introduces himself as a musician, we think right away that he must be popular and rich. Not all of them can resort to poker tables like Nelly or Anthrax’s Scott Ian to get a boost in their budget. Little do we think that the road to popularity is very hard and that only a few chosen ones manage to rise above mediocrity and reach the stars. Going down this road can surely be worthwhile, as those who reach stardom are loved by masses and paid a lot of money for their performances.
Regardless of your music style or genre, if you are popular, you can earn a ton of money.
For example, American country music singer Kenny Chesney, who has 14 gold or higher albums and 29 number-one singles, had an income of 56 million dollars in 2017.
On the other hand, Canadian pop singer Justin Bieber had the same income of 56 million dollars in the same year. The thing is that Justin Bieber became popular through his cover song videos on YouTube in 2008. Now, he is one of the world’s best-selling music artists with 140 million records sold. He is also the second person to reach 100 million followers on Twitter.
Furthermore, legendary English bass guitarist and singer in the rock band The Beatles, Sir James Paul McCartney also managed to earn 56 million dollars in 2017.
Highest-paid musicians in 2017
No matter if you are vocalist or an instrumentalist or if you are a pop, rock or country singer, if you are popular you will earn huge amounts of money. But 56 million dollars is not the highest income that musicians earned in 2017. Bruce Springsteen earned 60,5 million dollars, Calvin Harris earned 63 million dollars, Garth Brooks earned 70 million dollars, Rihanna earned 75 million dollars, Madonna earned 76,5 million dollars, Adele earned 80,5 million dollars, and the highest income of 170 million dollars was earned by Taylor Swift.
What do musicians do with all that money?
Many of us think that musicians spend all of this money on luxuries, fun, casinos, food, clothes and hedonism in general, but we may be wrong. Some musicians may appear irresponsible, eccentric, or weird, but that could be only their public image. Many musicians are very responsible business people who think about their future seriously. They are aware that they don’t have a golden goose and that they have to secure a steady income so that they can keep their lifestyle.
One example is 50 Cent who has taken advantage of his popularity and success as a singer to start many other businesses. He has established a record label, film production companies and a clothing line. In fact, he has invested in almost everything from mineral water to sneakers.
Another example of a successful entrepreneur among musicians is Puff Daddy. He has invested in creating a clothing line, restaurants and television production.
Furthermore, Dr. Dre, one of the richest musicians, is well-known for owning multiple record companies among other businesses. One of his greatest business achievements is his deal with Apple when he sold the company called Beats, which he co-founded with Jimmy Iovine, for 3 billion dollars.
Apart from earning money from their careers in music, musicians make a profit in various ways, just like other people. It may be easier for them to start a business thanks to their popularity and initial capital, but their success depends on their intelligence and all the other factors that any person has to consider when doing business. However, they may not have to worry about failure so much, because they have their music to rely on to get back on their feet.