"It's not what you know; it's who you know." This saying has been around Tinsel Town for as long as the Hollywood sign has loomed over Los Angeles. That's still true for those seeking stardom, but recently, it has also been true for celebrities setting out on business ventures, particularly beyond the screen. Celebrity friendships have historically been good for attention-grabbing headlines for all involved - a way to heighten a profile while projecting a "stars, they're just like us" groundedness."
"Most celebs have somewhat different fan bases. So, a team-up or a shout-out can expand their reach. But every new venture also comes with risk; maybe the product flops. So, the other upside of a team-up is that it allows the celebrity to split the risk," said Olav Sorenson, the Joseph Jacobs Chair in Entrepreneurial Studies at UCLA's Anderson School of Management.
"One of the most successful celebrity team-ups in recent years was Ryan Reynolds and Rob McElhenny's purchase of the Wrexham AFC soccer team in 2020, one of the oldest clubs in Wales. In reality, it's still completely insane," Reynolds told BI back in June when reflecting on buying Wrexham with one of his closest friends, McElhenny.
"In the last few years, however, celeb friends have gone next level: becoming business partners. From owning sports teams to hosting podcasts and starting a liquor brand, Hollywood friends are finding that two stars (or more) are better than one - and are cashing in."
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