How do the world’s highest-paid musicians make their money? Not by making music.
As shown in the Forbes list of the world’s highest paid musicians of 2015, elite stars cash in from touring, forming endorsement deals with brands, and by launching their own business ventures. Consumers just don’t buy enough recorded music anymore to support the performers we say we love.
The annual Forbes list, created by Zack O’Malley Greenburg, is a snapshot of the music industry and as such offers some clues about those who create music and those of us who listen to it. My analysis of the list uncovers a number of trends, such as the influence of baby boomer and millennial-era consumers and the dearth of women superstars in country music. I’ll explore those topics in future posts in my series on the world’s biggest musical moneymakers. Today’s post focuses on how successful stars have become moguls, extending their reach beyond music into businesses such as spirits, food, and clothing.
An Industry Snapshot Continue reading