All Articles Tagged "revenue"
JK! Forbes Says Net Worth And Revenue Are Two Different Things And Janet Is No Billionaire
Source: WENN
Hater alert!
OK, not really hater alert, more like fact checker alert. Although Janet Jackson probably doesn’t appreciate this little example of investigative reporting when it comes to her assets, we certainly do. After news spread yesterday that the most famous woman of the Jackson clan was not only married to a billionaire, but one herself, Forbes published a piece setting her financial record straight. Many had questioned why Janet hasn’t appeared on the source of all things financial’s billionaire lists and Forbes said the answer was simple: the news isn’t true.
In a piece aptly titled, “Here’s Why Janet Jackson Is Not On Our Billionaires List,” Dorothy Pomerantz writes of Variety’s article which started this billionaire buzz in the first place:
[T]he story does not specifically say that Jackson is a billionaire. It just lays out the money that her work has brought in over the span of her career including $81 million from music and book publishing, $260 million in album sales and $458 million from touring. Together with other areas of business, the revenues add up to $1.2 billion.
But that’s very different than a net worth. Net worth is based on the value of the cash and assets you have at the moment, not on how much your work has brought in over a lifetime. When we evaluate whether people will make our annual list of the World’s Billionaires, we look at things like stock holdings, real estate and art collections. Oprah Winfrey is a billionaire because of the value of her holdings in things like Discovery and Harpo Productions, not because of the ad revenue her show generated over the years…
Jackson owns a lot of valuable songs, likes to take ownership stakes in the products she endorses and is married to reported billionaire Wissam Al Mana (who has also never shown up on our billionaire list). She certainly may be sitting on $1 billion worth of assets. But her net worth is not at all clear from what’s being reported.
Well, there you have it. Janet’s certainly not hurting for cash, but from Fores’ run down it’s not likely she’s sitting on a billion dollars worth of assets — except for the fact that her biggest asset, her husband, is actually worth billions.
Oh, and sorry for getting ahead of ourselves when we reported this news yesterday.
West Indian Day Parade Generates Millions of Dollars In Addition to Excitement
A scene from last year’s parade. Image: AP
The West Indian American Day Parade is underway on Eastern Parkway in Brooklyn as we speak. And while the festival is known for delicious food, great music and beautiful costumes, it’s important to point out that it’s a revenue generator as well.
A study conducted by the Empire State Development Corporation finds that the parade generates $86 million for every one million attendees. It’s estimated that three million people will attend the parade this year.
Money for the event comes from New York State grants, sponsors, fundraisers and other sources. This is the 45th anniversary of the event and even though the numbers are down a bit this year, it’s still a big opportunity for businesses. We just saw a bit of live coverage on CBS News with reporters asking food vendors about the biggest sellers (oxtails was one response). The parade is bringing as much cash as excitement.
Separately, this weekend was also the annual Tom Joyner Family Reunion in Kissimmee, FL to celebrate African-American culture. The decade-old event includes music, activities and families from all over the country who make the trip to the party. Vendors selling food, jewelry and gear supporting President Obama are also a big part of the festivities. For coverage, click here.
Everyone enjoy the parade and the rest of this great Labor Day weekend!
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‘Fifty Shades of Grey’ Is Good For Business
Image: VanityFair.com
Everyone is reading Fifty Shades of Grey… and this is good for more than just a little spicy time in the boudoir, if you know what I mean.
It appears that sales of the book series have given a welcome boost to bookseller Barnes & Noble. The company reported a sales increase for the first quarter, with revenue going up 2.5 percent to $1.45 billion, although the company still reported $41 million in losses. B&N was also aided by the liquidation of one of its competitors, Borders and strong company sales of the Nook device. B&N just recently announced that they were knocking $20 off the price of the e-reader and they’re expanding that business to Britain.
“During the first quarter, we continued to see improvement in both our rapidly growing Nook business, which saw digital content sales increase 46 percent during the quarter, and at our bookstores, which continue to benefit from market consolidation and strong sales of the Fifty Shades series,” company CEO William Lynch said in an earnings statement.
And it’s not just Barnes & Noble that’s getting a boost. The company behind Trojan vibrators attributes healthy sales to the book’s popularity. Shoe brand Stuart Weitzman has named a new boot the “Fifty-Fifty” after the book series. And makeup line Bobbi Brown has a new line of colors inspired by the books. And these are just a few of the things that are coming to stores or will be there in the near future.
As they say, sex sells.
Bill Would Expand Slots to BWI/Marshall
(Washington Business Journal) — Maryland lawmakers are making a third push to legalize slot machine gambling at BWI/Marshall Airport. Del. Eric Bromwell, a Baltimore County Democrat who represents the Parkville area, has introduced a pair of bills in the House for the third year in a row. One would amend the state constitution to add BWI as a legal slots site, and the other would allow 2,500 slot machines at the airport. But while the proposal didn’t make it to the floor of the House in 2010, this year, there are also companion bills in the Senate. Sen. Kathy Klausmeier, a Democrat from the same district as Bromwell, is the lead sponsor on those bills. Bromwell is pushing for extra slots as a way to avoid some tax increases being discussed. He argues revenue generated from slots at BWI must go to transportation funding under federal law. Transportation is facing a cut of $60 million by Gov. Martin O’Malley, and some lawmakers are seeking to replace that money, potentially through an increase in the gas tax. ”When Maryland voters approved legalizing slot machines in the state, they sent a message loud and clear that slot revenues were preferable to tax and fee increases,” Bromwell said in a statement. “I believe that this is as true today as it was then.”
State Diverts Millions in Fees
(AJC) — The state collected more than $30 million in fees from Georgians last year for programs designed to clean up landfills, tire dumps and hazardous sites and to improve 911 services. The governor and state lawmakers put less than $2 million of the fee revenue toward those programs. Instead, the money went into the state’s general kitty, where it could be spent on everything from education and prisons to hometown projects, economic development and farm programs.
District Could Open City Debt Collection Office
(Washington Examiner) — District scofflaws be warned: The D.C. Council is considering a bill that would centralize debt collection in one office to make sure the city gets what it’s owed. Ward 3 Councilwoman Mary Cheh introduced the Delinquent Debt Recovery Bill on Tuesday. It would create a unit inside the City Administrator’s Office tasked with collecting debt owed to various city agencies. It’s part of an ongoing effort by District officials to collect what the city is owed in order to help fill a budget gap that’s already grown to nearly $500 million for the next fiscal year.
D.C. Owed $300 Million in Unpaid Tickets
(Washington Examiner) — The District says it is owed more than $300 million in unpaid parking and driving tickets, and the Department of Motor Vehicles might run an amnesty program to get some of those dollars into the city’s cash-strapped coffers. The amnesty would allow drivers to pay only the original fine with all penalties waived on delinquent tickets. Officials estimate that it would raise $6 million at a time when the District is facing a nearly $500 million budget gap in the next fiscal year. The amnesty program is part of the agency’s annual performance plan, which was approved by the city administrator in October and will be used to assess the achievements of the agency.
Read More…
23% of Black Web 2.0 Start-ups Operating with Revenue, Surpass National Average
(Black Web 2.0) — A few weeks back, ChubbyBrain and their parent company CB Insights invited Black Web 2.0 readers to try out the beta version Funding Recommendation Engine (FRE), it’s latest product. FRE allowed users to search for potential investors using an algorithm based on the amount of funding required by the entrepreneur, location and experience as well as the potential investor’s past funding experience. A number of our readers took FRE for a spin allowing ChubbyBrain, to gather some rather intriguing data on the makeup of our audience, especially when it comes to entrepreneurship. Unlike the data compiled by ChubbyBrains’ Human Capital Venture Capital report, listing California, Massachusetts, and New York as the top locations for start-up founders many Black Web 2.0 start-up founders are located in areas not typically associated with technology start-ups. New York and North Carolina led the pack with 22%. Georgia and Florida came in second with 14% while New Jersey, Southern California, Illinois, and Maryland clocked in with 7% each.
Illinois Deals Another Video Gambling Contract
(Crain’s) — The Illinois Gaming Board has pushed the restart button to launch video gambling statewide. Six weeks after terminating a previously awarded contract, state regulators are once again seeking bids on a central communications system to monitor some 60,000 video gambling terminals expected to be installed at more than 10,000 taverns and other locations across the state over the next few years. “There are some differences because some things were ambiguous” in the first request for bids, said Aaron Jaffe, chairman of the Illinois Gaming Board. “We wanted to tighten up and make sure it was in perfect shape.”
Revenue Short, but Tax Breaks Abound in D.C.
(Washington Business Journal) — One week after the close of a campaign that featured copious rhetoric on fiscal responsibility, the D.C. Council got back to work by — introducing and adopting a series of tax breaks.
The District may face upward of a $100 million shortfall in fiscal 2011, but never mind that.
The council, during Tuesday’s Committee of the Whole session, offered preliminary support for five tax abatements benefiting the Allen Chapel A.M.E. senior residential rental project, the Wayne Place Senior Living Limited Partnership, the 2323 Pennsylvania Ave. SE redevelopment project, the Thirteenth Street Church of Christ, and the 800 Kenilworth Ave. redevelopment project.
