r Dre has built a headphones empire that paid him $110million last year... no wonder he hasn't finished his new album
By Daily Mail Reporter|
Dr Dre was born to unwed teenage parents in a gang-ridden neighborhood of Compton, California. His talent as a rapper made him a millionaire and shot him to the top of hip-hop music charts.
But his business acumen has led him build a headphones empire that paid him $110million last year.
His 'Beats by Dr Dre' premium headphones have become seemingly ubiquitous. The red 'b' logo is an iconic, making them a must-have accessory for millions of young people.
$100million man: Dr Dre has built a headphones empire that has made him one of the richest rappers in the world
Ubiquitous: The iconic 'b' of the Beats by Dr Dre headphones are seemingly everywhere, appearing on actress and musician Taryn Manning (left) and Olympic diver Katie Bell (right)
Endorser: Beats by Dr Dre has won millions of
customers in part by getting other celebrities to shill for his
headphones. One of them, Lil' Wayne, also makes the hip-hop rich list
this year
'I understand why Dre didn’t finish Detox,' former Def Jam president Kevin Liles told Forbes. 'It’s called Beats.'
Dr Dre, whose real name is Andre Young, tops Forbes' Cash Kings list this year -- making him one of the the richest rappers in the world. His total fortune is estimated at more than $250million.
Last year, Taiwanese electronics company HTC paid $300million for a 51 percent stake in Dr Dre's headphones operation.
Also rich: Sean 'Diddy' Combs, seen here with a pair of Beats headphones, is the second wealthiest rapper, according to this year's Forbes list
High profile: Rapper Nicki Minaj and NBA
star LeBron James are two of the many celebrities spotted with Beats
headphones -- making them a must-have accessory for teens across the
country
FORBES' CASH KINGS 2012: HIP-HOP'S BIGGEST EARNERS AND WHAT MADE THEM RICH
1. Dr Dre: $110million, Beats by Dr Dr headphones
2. Sean 'Diddy' Combs: $45million, Diageo’s Ciroc vodka
3. Jay-Z: $38million, record sales, part ownership of the Brooklyn Nets and deals with Duracell batteries and Budweiser
4. Kanye West: $35million, record sales and design deals for Nike shoes and women's clothing line
5. Lil Wayne: $27milliion, record sales, launch of Trukfit clothing line and deal with Mountain Dew
6. Drake: $20.5million, record sales, nightclub ownership and deals with Kodak and Sprite
7. Birdman: $20million, co-ownership of Cash Money Records and vodka and clothing lines
8. Nicki Minaj: $15.5million, record sales, tour dates and Pepsi endorsement
9. Eminem: $15million, music rights to his previous records and live appearances
10. Ludacris: $12million, voice overs, movie roles and a line of cognac and headphones
2. Sean 'Diddy' Combs: $45million, Diageo’s Ciroc vodka
3. Jay-Z: $38million, record sales, part ownership of the Brooklyn Nets and deals with Duracell batteries and Budweiser
4. Kanye West: $35million, record sales and design deals for Nike shoes and women's clothing line
5. Lil Wayne: $27milliion, record sales, launch of Trukfit clothing line and deal with Mountain Dew
6. Drake: $20.5million, record sales, nightclub ownership and deals with Kodak and Sprite
7. Birdman: $20million, co-ownership of Cash Money Records and vodka and clothing lines
8. Nicki Minaj: $15.5million, record sales, tour dates and Pepsi endorsement
9. Eminem: $15million, music rights to his previous records and live appearances
10. Ludacris: $12million, voice overs, movie roles and a line of cognac and headphones
The business began in 2006 after an epiphany. Dr Dre was reportedly walking along the beach with Interscope Records Chairman Jimmy Iovine, contemplating whether he should launch his own line of shoes.
'(Forget) sneakers,' Mr Iovine reportedly said. 'Let’s sell speakers!'
Dr Dre has relied on endorsement by popular musicians to help sell his pricey earphones.
Justin Bieber, Lady GaGa, will.i.am. and P Diddy have all been tapped to endorse different head phone models.
The result of all that star power has been millions and millions of sales. With headphones priced between $150 and $400 -- Dr Dre's company has raked in impressive revenue numbers.
The sales figures seemed to have been so good that Dr Dre was confident enough to buy back half of HTC's stake.
Across the hip-hop industry, successful business ventures are the primary source of income for most of the wealthiest rappers -- proving it's more about the buiness skill than the mustic.
Number two on the Forbes list, Sean 'Diddy' Combs earned $45million, mostly from buisness deals, including a share of Diageo’s Ciroc vodka.
Jay-Z earned $38million as part owner of the Brooklyn Nets with his hands in deals with Budweiser and Duracell batteries. He is also touring on an new album.
Kanye West, earning $35million off his music and a line of shoes and women's clothing, and Lil Wayne -- $27million, round out the top five on the list.
Presence: Singer and actress Demi Lovato has also been spotted wearing Beats headphones
Runners up: Sean 'Diddy' Combs, who earned
$45million, and Jay-Z, making $38million, raked in most of their cash
from non-music business ventures
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