"I felt like I wanted to follow the footsteps of Madonna and be a powerhouse and have my own empire and show other women when you get to this point in your career you don't have to go sign with someone else and share your money and your success you do it yourself, she said in a 2013 promotional interview."
"While Jay-Z's wealth comes from a variety of sources, and Rihanna earned most of her fortune through her beauty brand, Fenty, Beyonce's wealth comes almost entirely from her music career, according to Forbes. She is similar to Swift in that she controls almost all aspects of her career, allowing her to reap significant profits from her two recent, extremely popular tours promoting her past two albums, Renaissance and Cowboy Carter."
"The company Beyonce formed in 2008, Parkwood Entertainment, produces all of her music, concerts and documentaries. While this increases the superstar's front-end costs, it also gives her a greater share of the profits from all her work which remains extremely popular. Forbes estimated the Renaissance tour grossed $600 million, while the Cowboy Carter tour pulled in $400 million in ticket sales and at least $50 million from merchandise."
Beyoncé attained billionaire status, becoming the fifth musician to reach $1 billion and joining Jay-Z, Taylor Swift, Bruce Springsteen and Rihanna. Most of the wealth derives from her music career and ownership of key business functions rather than external brands. She controls tours, recordings and related productions through Parkwood Entertainment, a company she formed in 2008. Owning production increases upfront costs but preserves a larger share of revenue. The Renaissance tour grossed an estimated $600 million. The Cowboy Carter tour generated roughly $400 million in ticket sales plus at least $50 million from merchandise. Strong control over her career enabled these earnings.
Read at www.mercurynews.com
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