Rap and Hip Hop
By Kelby Fritz
Hip-Hop and rap is a dominant music genre in our day and age. It also has a large positive impact on the economy. With rappers and groups going on tours, and doing shows, they could potentially be making large sums of money per show, bringing in large profits for the venues that they perform at, if you go to see your favorite performer, you will most likely be spending some of your money on their merchandise, or even just purchasing some food or a beverage from the stadium or arena they are performing at. A performer like B.o.B makes a miniscule $80k a show, and he only comes in at 14th, top of the list is Jay-Z and Kanye West who made a whopping $3,000,000 per show on their Watch the Throne tour.
Not only do they have large incomes, rappers also have large net worth’s. When these people have all this money, they will have more money to be spending on things increasing their net worth’s. The richest of them all based on net worth is said to be Sean Combs, with a total net worth of $580 million. Sean Combs not only made money in the rap business however, he started off by establishing his own record company in 1993, Bad Boys Records. Not only in the music business, Combs earns his money from acting, his own clothing line, Sean John, founded in 1998, owning two restaurants and receiving large cuts of the profits from Ciroc sales. Combs is making his own way and is #1 on Forbes Hip-Hops future Billionaires list. 3rd on that list is a rapper that makes his revenue in yet another way, rapper Andre “Dr. Dre” Young makes makes the largest chunk of his wealth with the headphone maker, Beats Electronics, that he founded in 2008 with Jimmy Iovine (“who is an American music producer and entrepreneur, the co-founder of Interscope Records and chairman of Interscope Geffen A&M”( http://en.wikipedia.org/wiki/Jimmy_Iovine)).
Not only do the rappers themselves bring in income, but business and places involved with the genre do as well. It is reported that with the opening of the Hip-Hop museum, in Manhattan, a near $350 million will be impacting New York economically on an annual basis. In other countries hip-hop is involved in economic decisions as well. Recently it was found out that Canada granted native rapper Drake with 300,000 Canadian dollars, or about US $268,000, to host his annual OVO Fest. An event like this could benefit in many ways for the country’s economy, with many large name artists appearing, people will flock from all around Canada and the United States. With all these people coming from around the continent, they will be spending money on goods and services in Canada, providing them with a large source of money.
With all of this being said it is easy to see why the Hip-Hop industry is a good source of income for a country, it can help to stabilize the economy and benefit the businesses involved and the people employed with the industry.
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