Hiphop is a genre that is known for artists showing off their wealth because it is part of the culture.
This has been part of this genre since its emergence and this is due to the fact that most lyrics in hiphop are usually about the artist showing lyrical ability, wealth, competence and other things.
One of the questions that most people ask when they are introduced to the genre is:
“Are Rappers actually rich?”
Most successful artists are rich because they are signed to major labels that offer them lump sum advances to keep their brand up to par as well as help them maintain a good lifestyle. Furthermore, hip-hop generally has a global audience and is known for good record sales as well as loyal fans that support artists tied to this genre.
With the emergence of various tools geared to help the independent musician, Rappers like Russ that are not signed to any record label are also financially stable aswell as wealthy. Therefore it is true that most commercially successful rappers whether signed or not are also financially successful.
Why are rappers rich?
Music Pays well
Most rappers and musicians in general get to make a lot of money because the diverse nature of the music business allows for it.
With the introduction of digital ways to distribute and monetize music, rapper are at an advantage to license and sell their music without the need to have a physical distributor.
This is one of the reasons why most rappers are making a lot of money. A good and loyal fanbase plus digital selling and streaming platforms are a combination worthy of praise because it has revolutionized the music industry as a whole.
Record label advances
Another reason why most rappers are financially well-to-do and rich is that most major record label do deals offer them advances which are usually in the millions or upper hundreds of thousands.
If the rapper, utilizes their advance properly they are able to become financially stable whilst adding on frequent royalty cheques for their music.
The rap lifestyle these days is mostly about being flashy and showing off wealth, therefore it’s become a mainstream narrative in the industry… record labels hence will provide the artist with a sizeable advance to ensure they can nurture a successful, well to do brand.
Investments
Not all rappers believe in spending their advance or money they make from their music. Some believe actual investments to help them become more financially healthy.
Rappers like Rick Ross, Birdman, and T.I. are musicians that are well known to have invested their wealth in businesses.
For example, Rick Ross with the Belaire brand of alcohol has been a solid investment that has worked out well for him financially.
Therefore some rappers are actually rich due to the fact that they don’t only spend…. they also invest their money in other diverse industries.
Partnerships
Collaborative partnerships with brands is something very common in the music industry. This is true for all genres.
Rappers and other musicians alike are able to capitalize on the money they earn while working with another brand to push a product.
One of the most notable rappers in hip=hop is Kanye West that has continuously partnered with shoe brands to create and promote the “Yeezy” line of sneakers and shoes.
This is one of the reasons why most rappers are making a lot of money. The good part is most artists are now investing in building their own products from scratch.
A notable example is Rihanna’s Fenty line of cosmetic products that have increased her wealth and have led her be declared a billionaire by Forbes.
Can an independent artist become rich?
Independent artists can get rich so long as they have a plan in place and the finances to back their goals up.
One of the reasons why independent musicians fail today is because they wing in it a little to often.
Music is a business in which you have to be intentional about what you want and have a plan in place to get to your desired destination.
Rappers like Russ have proven that you can do music independently and become wealthy if you play your cards right.
How can I make money as a rapper?
There are a lot of ways that you as a rapper can make money and this post will discuss a few of those below.
Sell Music
This is really a no-brainer because as a rapper you’re first and foremost a musician which means your core product is your music.
Therefore you have to keep music at the forefront as far as monetization goes, granted their various ways in which you can make money…. but as you’re starting out, you’re better off being focused on improving your craft and finding a way to push it.
Luckily digital stores are available for you…. plus you have streaming services too that will pay you per stream of your music.
Leverage this and get your business going.
Sell Merch
Merchandise selling is really one of those ways you can make money as an artist if you have a fanbase.
You can easily bundle your albums with merch and be able to sell it with much ease if you have a loyal customer base ready and hungry for your product.
Do Shows
You can also monetize your music as a rapper by doing live shows like tours.
Most successful artists use touring as a way to promote their music whilst raking in some ticket sales too. Plus you can also bring your albums on yout live shows and have them for sale right there.
Go outside of Music
You can also make money as a rapper by using your fanbase and success as an artist to branch out into other realms of entertainment like Movies, TV Shows, Commericals.
This can be a great way to build on your already existing fan-base and venturing out into other industries can widen your chances of discovering new opportunities to make money as a rapper.
