What Is Lil Wayne’s Worth?
What’s unique about Wayne, says Miller—whose clients include Ludacris and Outkast—is the way he has leveraged ownership. In 2003, he founded his own label, Young Money Entertainment, under the imprint of Cash Money. “Wayne really understands that you don’t just stay on a record label, it’s about ownership,” adds Miller.
Wayne has a Platinum selling entourage including Drake, Nicki Minaj and Tyga. “Now Wayne gets a piece of them, much like Cash Money gets a piece of him,” says Miller. “Just what he’s getting from Drake alone must be huge.”
The key to Wayne’s success has been his focus. “He’s made music his biggest play. That’s why he has longevity,” says Miller. “He’s about to release his eighth album; that’s almost hall of fame status.”
Though there have been limited endorsements, and the recent news that Young Money is releasing a pre-paid debit and credit card, Wayne’s goal has been to dominate one thing: music. Unlike his counterparts, a la Diddy and Jay-Z, who are furiously tapping into other ventures outside of music such as apparel, alcohol, real estate and movies, Wayne is “creating music, not diluting himself, [nor] trying to be friendly with corporate America,” says Miller.
Wayne has produced eight albums in 11 years. He’s been featured on albums with the likes of Jay-Z, Kanye West, Chris Brown, Fat Joe, Ludacris, Rick Ross, Busta Rhymes, Birdman and others. His 2008-2009 I Am Music Tour held 78 concerts in North America and grossed $42 million and drew 804,000 fans. Billboard declared it the highest grossing hip-hop tour of the year, and the most lucrative rap jaunt they tracked.
If there’s any flaw in his business strategy, it may be going for street cred at all cost. “Look at where he is,” says Kendall Minter, an entertainment attorney with Minter & Associates in Stone Mountain, Georgia. “It’s ignorance that makes celebrities believe they are above the law—untouchable.”
Indeed, adds Miller, “street cred is a double-edged sword. Wayne has a great empire. At some point he will have to figure out how to transition. He’ll need a plan, an exit strategy, like any good business.”
As long as he keeps it real and raps from his heart, the aura surrounding Wayne may not dim for some time. Minter agrees that he has staying power. The only question is for how long?
Asks Minter, “Will his music be playing 30 years from now? Only time will tell.”
