What Drake, Rihanna, and Jay-Z Teach Us About Wealth Beyond Music

Today, musicians are making their mark on the world far beyond releasing hits that stay in the public consciousness for decades. They’re expanding into music production and avenues unrelated to the music industry, like clothing, beauty, liquor, and more. Their multifaceted influence appeals to people in myriad ways, growing each musician’s portfolio and increasing their wealth. Diversified revenue streams are becoming increasingly common, but Drake, Rihanna, and Jay-Z are standout examples of musicians who have used their music fame to become business moguls.

Drake: The Modern Mogul

Canadian rapper and singer Drake has made a name that extends far beyond his chart-topping hits. He’s become an ambassador for well-known brands, like the iconic athletic brand Nike to Stake, the site where gamblers can find 1000s of games at a real money online casino. But this is just the tip of the iceberg when it comes to business ventures and diversified revenue streams. Drake has become an entrepreneur with multiple businesses to his name. These businesses include the OVO brand and liquor ventures.

Under the OVO (October’s Very Own) brand, Drake and Noah “40” Shebib and Oliver El-Khatib launched a record label and a clothing brand. The record label operated as a subsidiary of Warner Music Group until 2022, when it became independent. The clothing brand is known for its unique collaborations and trendy styles that keep it relevant and top of mind for music and sports fans—as Drake leans into his Canadian roots by celebrating the country’s athletes and sports teams, most notably through his endorsement of the Toronto Raptors, the Canadian NBA team.

Rihanna: The Beauty and Fashion Powerhouse

Rihanna may have gotten her start in music, but today, she’s equally known for her entrepreneurial spirit. The Barbadian singer and businesswoman has had an impressive career that has seen her grace the stage at the Super Bowl and launch wildly successful beauty and fashion brands.

Her beauty brand, Fenty, was launched in 2017 and was an immediate success, not just because of its connection to the singer. Rihanna crafted a line of cosmetics that included all skin types and delivered diverse options, particularly for those with darker skin tones, something that many makeup brands up to that point were sorely lacking. It was launched with a “beauty for all” philosophy, which it upholds today.

Following Fenty’s success, Rihanna launched a new brand that expanded on its philosophy: Fenty x Savage. The new brand launched a range of lingerie, sleepwear, and loungewear designed for all body types, promoting body positivity and confidence.

Beyond these successful business ventures, Rihanna has also become a brand ambassador for luxury brands like LVMH. This contributes to her diversified portfolio while strengthening her public influence.

Jay-Z: The Ultimate Business Magnate

Jay-Z, like Rihanna and Drake, began as a musician but has since become a widely recognized business mogul. Of all his ventures, his best-known is Roc Nation, an entertainment company that encompasses record labels, talent management, sports, publishing, and more. Roc Nation signed well-known artists, including Rihanna and Shakira, and athletes, including basketball star Kyrie Irving. Roc Nation has helped these diverse talents secure lucrative endorsements and partnerships and propelled them into the public eye to become well-known household names.

Beyond the wild success of Roc Nation, Jay-Z has invested in an exclusive music streaming service, Tidal, sports bars, liquor brands, real estate, and art. Using his keen business sense, he’s developed an exceptionally diverse portfolio spanning business and investment sectors, allowing him to accumulate an extraordinary net worth estimated to be $2.5 billion.

Lessons from Their Success

These success stories offer valuable financial lessons for anyone, not just musicians or celebrities. Key lessons include the power of branding, the importance of diversification, and leveraging the tools at our disposal.

Branding is Everything

Each business venture these musicians took on aligned with the public image they had already built—it wasn’t unexpected or out of left field. Instead, they felt like natural steps of growth for each musician. Drake leveraged a fanbase nickname, OVO, turning it into multiple successful offshoots. Rihanna used her image and experiences to build inclusivity and self-acceptance. Jay-Z’s connection to luxury and immense personal success set the tone for the success of the talent he fosters and the reputations of the businesses he supports.

By staying true to their branding, they could keep their existing fans engaged in their new ventures while appealing to new audiences and growing their portfolios. Their authentic branding propelled them to success, demonstrating how important consistent branding is for businesses as they embrace new ventures.

Diversification Creates Longevity

A diverse portfolio is considered best practice for ensuring resilience and long-term growth. Drake, Rihanna, and Jay-Z are prime examples of the power of diversification. Their success and ongoing earnings don’t rely on the music industry, a notoriously fickle and ever-changing industry. Instead, they have diversified income streams. If one area starts to perform poorly, they won’t lose everything because other ventures support them.

Leveraging Fame as a Business Tool

These musicians shaped new money-making opportunities by using their presence and existing audiences to help them succeed in other areas of life. While most of us don’t have fame to leverage, this tactic does showcase the power of capitalizing on the tools we do have available to us. Maybe it’s using our network to help us secure new jobs and bring attention to our new business venture. Or perhaps it’s using our life story to create authentic connections with others to secure success in business.

Conclusion

While the success of musicians with immense star power seems far removed from the average person’s ability to generate wealth, we can learn a lot by studying how they achieved success and applying it to our own situations.