Miami's Having A Big Penthouse Boom

Five years ago, the housing market was in such bad shape in Miami that developers stopped building. Today, 94 towers are under construction–three featuring penthouses with price tags of $50 million or higher. Two with similar list prices have already gone into contract.

Investors Put $2.4 Billion Into Music

In the 57 investment deals totaling over $2.4 billion tracked by Billboard, nearly 9 in 10 dollars invested went to a traditional music company, an EDM concert promoter or a company that streams music. Most of the investments were made in small, digital startups. Some are trying to improve how people discover concerts. A handful of them are changing how people create music.

A similar company hoping to disrupt the recorded music market is Beats Music, a subscription service that launched Jan. 21. An offshoot of Beats Electronics, the maker of the popular Beats By Dr. Dre headphones, Beats Music raised $60 million from Access Industries, the owner of Warner Music Group. (A year earlier, Access placed $130 million in Deezer, a competitor of Spotify and Beats Music.)

Warner Music Group’s acquisition of Parlophone Label Group was the biggest single investment in music in 2013. The $765 million deal, representing nearly a third of the year’s music investments, gave Warner not only Parlophone and Chrysalis but EMI’s operations in a handful of European countries. Also in this category was the acquisition of Nettwerk Music Group for $10.3 million in April.

Investors in streaming music were attracted to scale, potential and momentum rather than profitability. Services that provide on-demand streaming either audio or video raised $406.5 million. The largest deal was a $250 million investment in Spotify, an unprofitable company that’s a category leader and has 24 million active users — not all of them paying customers — across 55 countries.

SFX Entertainment accounted for the next-largest bucket, concert promotion, worth $480 million. The EDM-focused company’s initial public stock offering in October raised $260 million. It also acquired three EDM promoters: ID&T for $130 million, i-Motion for $21 million and Totem OneLove Group for $69.1 million.

In spite of a reputation for difficult business models and costly licensing fees, services that use licensed music attracted $838.8 million, or 49% of all investments. Four deals landed by Internet radio companies raised $443.3 million. Following Pandora’s $393.3-million secondary stock offering were smaller venture capital rounds by TuneIn ($25 million), DeliRadio ($9.4 million) and Songza ($4.7 million). There is a catch: TuneIn is merely an aggregator of Internet radio streams and doesn’t itself pay any royalties.

Investors backed numerous companies that help consumers find music they like. The smallest investment was $100,000 in Bop.fm, an online tool that aggregates songs from various digital music services. Two other startups that offer aggregation tools, Songdrop and MFiveLabs, received funding. Investors also backed numerous companies that help people discovery music or concerts. Most such deals were small, but music identification app Shazam received a $40-million investment from the world’s richest man, Carlos Slim.

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Will Kanye West Surpass Jay-Z?

For the better part of hip-hop’s existence, it was solely considered a genre of music. We now recognize the larger cultural movement surrounding the New York-bred art form as a leading force driving growth in fashion, entertainment, food and beverage, and technology. As a result, the top 10 highest earners of 2019 on Forbes’ annual list of hip-hop’s richest account for a staggering $633,500,000 in combined earnings. And for the first time in his career, Kanye West ($150 million) has outpaced the rest of his competitors to take the top spot — leapfrogging JAY-Z by $69 million.

It was certainly a banner year for West, especially considering he claimed to be $56 million in debt just over three years ago. While earning the top spot is certainly noteworthy, his income jumped dramatically between 2018 and 2019, accounting for a net increase of $122,500,000. Although the entire industry had a great year — with the top 20 acts’ revenue increasing by 33 percent since 2018 — the huge financial increase poses an interesting question: with an album on the way, YEEZY accounting for $1.5 billion in annual sales, and a track record of exploring radical projects, will Kanye West be joining JAY-Z in the billionaire’s club?

Which Couple is Richer? Kim Kardashian and Kayne West or Jay-Z and Beyonce?

 

Jay Z, who has a net worth of $1 billion, is worth more than Beyoncé, but Kim Kardashian West is the breadwinner in her marriage with Kanye West.

Who's got the hottest album? Who's got the most valuable product line? Who is the biggest celebrity in the world? Who has the biggest TV/Netflix contract? Who sold out more shows? Who has the best house? Who has more houses?

For a long time the answer to that last question has definitively been Jay-Z and Beyonce. For over a decade, Kanye's net worth couldn't hold a candle to Jay's. In 2013, Jay-Z was worth $500 million, while Kanye was worth around $75 million.

Clayton Kershaw New $215 Million Dollar Deal

The +Los Angeles Dodgers pitcher +Clayton Kershaw have agreed on a seven-year, $215 million deal. It is the richest deal for a pitcher in Major League Baseball history, eclipsing the seven-year, $180 million contract Detroit gave Justin Verlander last winter and his average annual salary of $30.7 million is the highest ever for any baseball player.

The NBA’s Highest-Paid Players 2019-20

At $92 million, including salary and endorsements, James is the NBA’s highest-paid player for the sixth straight year. It is a record haul for an active basketball player. Nike is his biggest backer, and the company is naming a new research lab at its Beaverton, Oregon, corporate campus after James.

The four-time NBA MVP added a pair of endorsement deals in 2019 with Rimowa luggage and Walmart, which joined Coca-Cola, Beats By Dre, Blaze Pizza and NBA 2K in his sponsorship stable. He also has a budding digital media company, Uninterrupted, and a production firm, SpringHill Entertainment, which will release a sequel to the 1996 Michael Jordan vehicle Space Jam in conjunction with Warner Bros. in 2021. All of the off-court work is worth an estimated $55 million for James this season.

Stephen Curry comes in at No. 2 on the earnings list this year and is expected to generate $85 million this season, including $45 million off the court. Under Armour represents nearly half of his off-court income.

Curry’s $40.2 million salary from the Golden State Warriors is the highest in the history of the NBA; he’s in the third season of the five-year, $201 million contract he signed in 2017. Curry’s production company, Unanimous Media, has a development deal with Sony Pictures. Unanimous’ first movie, Breakthrough, was released in April, with Curry playing a role in marketing the Christian-oriented film, which grossed $50 million on a $14 million budget.

Durant has the NBA’s second-biggest annual shoe contract after James’ at an estimated $26 million this season. His total earnings from his playing salary and endorsements is $73 million. Nike sells more KD shoes in China than in North America, according to Durant’s business partner Rich Kleiman.

Like James and Curry, Durant has his own production company, which is co-producing a new basketball-themed drama, Swagger, that is inspired by Durant’s youth basketball experience and will air on the Apple TV+ streaming service.

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How a Hustler From Brooklyn Became a Billionaire

 

Jay-Z has long been known as one of the greatest rappers of all time, but now he’s known even more for his business acumen and massive wealth. Forbes recently named him Hip-Hop’s first billionaire, and with his diverse portfolio of investments, business ventures, and personal assets, it’s not hard to believe.

Despite the fact that it may seem like Jay-Z earned all of his wealth overnight, it was actually a long process that was decades in the making. Many people know the man, but few know the story.

Diddy Reigns Supreme As Hip-Hop Cash Kings

Forbes is back with their Hip-Hop Cash Kings list, and for the second consecutive year, Diddy reigns supreme. The hip-hop mogul sits atop the list, raking in a cool $62 million over the past year. Much of the money isn't from music, but rather his very lucrative Ciroc vodka deal and other ventures. However, he hasn't let the stage entirely as his Bad Boy Reunion Tour runs through the fall.

Scottie Pippen’s Terrible Bulls Contract

 

Chicago managed to lock him down long-term at a bargain-basement price.

But how? And how did they get away with it for so long?

Black Panther Movie Reaches $1 Billion

The Ryan Coogler directed movie has now officially passed the $1 billion mark at the global box office. It took only 26 days to accomplish the feat.

Jay-Z’s $1.3 Billion Fortune Has Nothing to Do with Music

Jay-Z started his music career as Shawn Corey Carter in the ’80s. He rapped to escape the poverty around him. Carter met his mentor Jaz-O and joined the older man in recording “The Originators.” The duo’s song earned them an appearance in Yo! MTV Raps.

This was the moment when Carter took up the name Jay-Z, paying homage to his mentor. The moniker punned on his childhood hood name, Jazzy. It also referred to the subway station near his home known as J/Z. Little did Jay-Z know it would become a household name.

Can Music Keep Up in the Attention Economy?

Music streaming services have continued to add U.S. subscribers this year, according to MIDiA Research, growing by 11 million paying users from January to September, to 117.9 million. But in a potentially troubling sign for the recorded music business, the number of total streams has remained the same.

Tony Romo To Become New CBS Broadcaster

Cowboys quarterback Tony Romo is leaving football and going into broadcasting with CBS, league sources told ESPN. Romo has reached a verbal agreement with CBS to be its No. 1 color commentator — replacing former NFL quarterback Phil Simms — alongside play-by-play veteran Jim Nantz, sources confirmed to ESPN. He also had drawn interest from Fox and NBC. The Sports Business Journal first reported Romo’s agreement with CBS.

The Cowboys are planning to release him Tuesday. Dallas is expected to designate Romo as a post-June 1 release, softening the blow against the Cowboys’ cap this season. Instead of counting $24.7 million against the cap in 2017, Romo would count $10.7 million this year and $8.9 million in 2018. The Cowboys would gain $14 million in cap space this season, but it would not become available until June 2. The Cowboys will carry $19.6 million in dead money for the 2017 season, $8.9 million in 2018 and $3.2 million in 2019.

Romo’s decision came down to his health, sources close to the situation told ESPN. Romo, who turns 37 on April 21, believes his family and his health are paramount at this time in his life. He was limited to playing in just parts of five games over the past two seasons because of collarbone and back injuries, and he suffered a compression fracture in his back last August that led the way to Dak Prescott’s emergence.

Michael Jordan Is Now A Billionaire

+Forbes has just named +Michael Jordan a billionaire. According to Forbes, Michael Jordan is now a billionaire due to an increase in his stake of the Charlotte Hornets to 89.5% from 80%. Sports bankers say the Hornets are presently worth between $600 million and $625 million USD. 

The Milwaukee Bucks sold for $550 million USD in May, and they are considered the least valuable team in the league. Forbes‘ net worth figure for Jordan uses the $600 million figure. The Hornets have $135 million USD of debt, which makes Jordan’s equity in the team worth $416 million USD. After subtracting all the cash Jordan has invested in the team, they estimate his net worth outside of the Hornets to be $600 million USD, giving him a net worth of a $1 billion USD.

Kanye West Breaks Apple Music Record

 

Kanye West’s second Donda listening party on August 5 has broken the record for the most-watched Apple Music event in history. The listening session, which saw Yeezy debut a slew of new songs before he ascended to the Heavens and almost, touched the sky was streamed by 5.4 million viewers.

Russell Simmons Sued

Russell Simmons may be finally cashing in on his the RushCard venture he took on back in 2003, but he's not getting out of the game without paying a few unsettled debts. On Wednesday, February 1, the Consumer Financial Protection Bureau announced that it is slapping Simmons' UniRush company along with MasterCard, with a fine of $13 million over the well-publicized breakdown that left customers unable to access their money more than two years ago.

“The RushCard fiasco stopped people from accessing their money to buy food and pay rent,” said associate director of the nonprofit National Consumer Law Center, Lauren Saunders in a statement. The decision was made upon the center's determination that many of the flaws what led to over the 830 grievances filed against UniRush after the 2015 incident, were preventable. "The CFPB’s action will put $10 million back in the pockets of working families struggling to make ends meet,” Saunders said. The $3 million tacked on in addition to the $10 million settlement will go towards penalty fees collected by the CFPB.

Aside from the CFPB determining that customers were in many cases denied their funds, and had not been receiving adequate services, it was found that many customers were misinformed about their account balances, as was the case with some who figured they had more money than they had believed, due to UniRush documenting deposits multiple times, and others believing they had less than they actually had because of inaccuracies in MasterCard's communication with the company.

It is the second time in a year that UniRush has agreed to pay out restitution over the debacle. In 2016, Simmons' company was forced to pay $19 million following a class-action lawsuit that was successfully waged against him in a New York Court. Throughout, UniRush has continued to maintain that the incidents were nothing more than blunders, but expressed being content that they could meet the needs of their customers. “RushCard welcomes our settlement with the CFPB,” the company said in a statement. “We maintain that our company did not engage in any wrongdoing, and do not admit to such in our Consent Order with the CFPB.”

Earlier this week, Simmons received the good news that prepaid debit card competitor Green Dot Corp. had agreed to purchase UniRush for $147 million. The profit made on the sale should easily offset the total in lawsuit payments Simmons has now been ordered to shoulder.

#Stream The Million Dollar Swag Song

Chorus: I got a "Million Dollar Swag" now these niggas out here hate me now, i'm out here on my grind stay dougie fresh all the time. Just now my chain hang low, we stacking money to the ceiling and you know we fresh to death and number one because we winning.

PC And Mobile Devices Set To Rise

On average, the price of PCs and phones will go up by 2 percent this year. The calculations are based on U.S. dollars and average market sizes. The prices will go up largely due to the rising prices of components. Also, more users are upgrading to more expensive and feature-rich mobile handsets.

This year is expected to big for smartphones. Samsung has launched the Galaxy S8 smartphones, and Apple is expected to launch its 10th anniversary iPhone later this year. Premium-priced smartphones will go up by roughly 4 percent.

A good barometer for mobile phone pricing is the Chinese market. Global pricing of Chinese branded smartphones will go up to RMB 2,000 (US$290) by the end of this year from RMB 1,700 (US$246) at the end of last year.

 The PC market has slowed down, and it is driven now by high-priced gaming PCs and 2-in-1s. Buyers of those PCs are willing to spend more money on their computers. Low-end laptops and desktops will remain available, but PC makers like Dell and HP are slimming down those offerings. Low-cost laptops like Chromebooks typically have aging components, little storage, low-resolution webcams, and limited memory.

Gartner estimates 426 million computing devices, including PCs and tablets, will ship this year, dropping from 439 million last year. PC shipments will total 265 million this year, dropping from 270 million last year. Shipment of tablet devices like the iPad will total 161 million, dropping from 169 million last year, the analyst group predicted.

The Fight For R. Kelly's $1.5 Million Dollar Royalty Account

 

R. Kelly has more than $1.5 million in a royalties account with Sony, the singer’s former record label. The question now: Who gets that money?

R. Kelly’s former Near West Side landlord secured a $3.5 million judgment earlier this year against the jailed singer to cover past-due rent. A woman sued the singer last year, alleging sexual abuse, and was awarded $4 million. That woman, who the Chicago Sun-Times is not naming, is one of Kelly’s four alleged victims in his pending criminal case in Cook County.

After the awards were issued in each suit, attorneys for both plaintiffs contacted Sony with a “citation to discover assets,” which revealed Kelly had $1,544,333 in a now-frozen royalties account.

A $57.25 Million Luxury Condo

Murdoch is buying the top four floors of new Manhattan luxury condo One Madison for $57.25 million. The 60-story glass tower on E. 23rd St. offers amazing New York city views, including clear views of the new World Trade Center. Murdoch’s new “quadruplex” penthouse includes more than 10,000 square feet, features five bedrooms, 5½ bathrooms, a spiral staircase and wide-open living areas, all wrapped by floor-to-ceiling glass. The condo also has an internal private elevator.

Mr. Murdoch recently became a bachelor after he and his former wife, Wendi Deng, divorced last November, ending 14 years of marriage. As part of the divorce settlement, he signed over to Ms. Deng a triplex penthouse at 834 Fifth Avenue, which he bought for $44 million in 2005. The couple’s two young daughters, Grace and Chloe, will live with their mother.

Mr. Murdoch’s new apartment will be on the 57th through 60th floors of One Madison, a building near Madison Square Park. The owner of the building, Related Companies, said in a statement announcing the sale — without naming Mr. Murdoch as the buyer — that the apartment encompassed more than 10,000 square feet.

The residence “offers a soaring double-height great room with dramatic floor-to-ceiling windows and a wraparound terrace, with uninterrupted cinematic views of Manhattan, river to river and from the World Trade Center to the uptown tip of Madison Avenue.

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