Drake is one of the most popular and commercially successful artists in the music industry. The Canadian rapper, singer, songwriter, and record producer has been making hits for over a decade now. His unique blend of rap and R&B has earned him critical acclaim and numerous accolades.
But what sets Drake apart from other artists is his business acumen. He’s not just an artist; he’s also a savvy entrepreneur who knows how to monetize his brand. In fact, Forbes named him the fifth-highest-paid celebrity of 2019 with earnings of $75 million.
Drake’s music industry earnings come from various sources such as album sales, streaming revenue, merchandise sales, touring income, endorsements deals and more. Let’s take a closer look at each source.
Album Sales:
Drake has sold over 150 million records worldwide. He holds multiple records for album sales on platforms like Apple Music and Spotify. For example “Scorpion,” his latest studio album released in June 2018 which debuted at number one on the US Billboard 200 chart sold over two million copies within its first week alone.
Streaming Revenue:
In addition to physical album sales, Drake earns significant revenue from streaming platforms like Spotify and Apple Music where he boasts billions of streams annually. According to reports by Business Insider In 2020 alone Drake was streamed over five billion times on Spotify earning him about $50 Million in royalties while on Apple Music that figure jumps up to $100 Million per year thanks to exclusive releases such as Scary Hours 2 EP which released only on their platform
Merchandise Sales:
Like many musicians today Drake sells merchandise related to his brand including t-shirts, caps among other things both online via his website or during live shows globally through partnerships with retailers such as Nike Inc., Jordan Brand among others bringing in millions every year
Touring Income:
Live concerts are another significant source of income for Drake selling out arenas totaling to hundreds of millions of dollars annually. In 2019, he completed his “Aubrey and the Three Migos Tour” which grossed over $79 million.
Endorsement deals:
Drake has also signed endorsement deals with companies such as Sprite, Nike, and Apple Music. He reportedly earned an estimated $10 million from his partnership with Apple Music alone.
In conclusion, Drake’s music industry earnings are a combination of various sources including album sales, streaming revenue, merchandise sales touring income among others making him one of the highest-paid musicians in history. His business acumen is remarkable and serves as an inspiration for young artists looking to make it big in the music industry.