The music industry may be hurting from illegal downloads but the industry's most influential and powerful are certainly not concerned about their bank balance. They are still raking it in from record sales, performances and royalties.
The famous singer songwriter from Liverpool Sir Paul McCartney formerly a member of The Beatles will certainly not be losing any sleep over his hefty £24.3 million pounds divorce settlement to Heather Mills. His reported net worth amounts to £475 million. The majority of his wealth has been generated from performances, record sales, song writing and royalties. He has invested a lot of money buying songs and allegedly owns the copyright to around 3,000. He also owns the publishing rights to musicals such as Guys and Dolls, A Chorus Line and Grease.
Jay-Z has recently shared the front cover of Forbes magazine with Warren Buffett an unlikely pair but a testament to the business acumen of this rapper turned entrepreneur. His reported net worth ranges from $450-$500 million. He controversially headlined Glastonbury in 2008 and according to Forbes he is a billionaire in the making with interests in the New Jersey Nets and Rocafella Records. He has also signed Will Smith's 9 year old daughter, Willow, to his label after only hearing a single track. Jay-Z is also married to Beyonce Knowles another music powerhouse who has a reported net worth of $90 million mainly generated from music and endorsements.
Simon Cowell music producer turned TV celebrity judge is reportedly worth $200 million. He originally got his big break when his father Eric Philip Cowell, an executive at EMI Music Publishing got him a job in the mail room. Since then he has anchored many successful hits from bands such as 'Five' and 'Westlife'. He also famously turned down Gary Barlow and the Spice Girls. Simon Cowell now earns over $30 million per year from judging talent shows such as X Factor and American Idol.
Lady GaGa whose real name is actually Stefani Joanne Angelina Germanotta is only 24 and is already worth about $40 million. Now a music and fashion icon she literally shot to stardom with her single 'Just Dance' in 2009 and has since sold over 50 million singles and over 15 million albums worldwide. Her music is heavily influenced by David Bowie and Madonna. Lady GaGa was also named one of the top 100 most influential people in the world by Time magazine.
The former Wham! Star, George Michael who has just entered rehab after being in prison for 4 weeks for drug driving has sold over 100 million records and is said to be worth almost $90 million. His band Wham! Was also the first western band to tour China in 1985, which at the time was quite an achievement. He went on to have a successful solo career with his first debut album 'Faith' released in 1987 which went on to sell over 20 million units worldwide.
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