How Rihanna became the richest woman in the entertainment industry
Rihanna is a well-known musician who became famous for her singing. According to Forbes, Rihanna is now worth $1.7 billion, making her the wealthiest female musician, but most of her fortune stems from non-musical endeavors. In 2017, she partnered with LVMH to launch Fenty Beauty, a cosmetics line that grossed over $550 million in its first year. Her Fenty Beauty cosmetics line is estimated to be worth $1.4 billion, with the remaining revenue coming from her music and other endorsement deals. Rihanna is not the only celebrity to launch a beauty brand using her social media following (she has 101 million Instagram followers and 102.5 million Twitter followers), but she is the most successful in doing so.
Lessons from Rihanna’s story
- Diversity of income- Rihanna does not make money solely from her music, even though it made her famous. She earns money through her endorsement contract, makeup products, and other investments such as real estate. She was once dubbed the world’s most marketable celebrity. One of her most notable collaborations was with Puma. Rihanna was hired as the brand’s creative director, and sales skyrocketed within six months. Rihanna has also appeared in several Hollywood films. Indeed, Rihanna doesn’t put any restrictions on herself.
- Perseverance- She once sold a house at a $1.9 million loss due to water damage. But she didn’t let it stop her. She went on to invest in other real estate transactions and profited significantly from the exchanges. She has purchased several houses, some of which she has listed for sale and others for rent.
- Carving a niche- It is no longer news that her makeup line has played a significant role in her success. But what makes her makeup line successful is its inclusivity. The Fenty foundation is said to have a shade for every skin tone. Rihanna was able to identify an existing issue with a current makeup product and resolve it while also profiting from it.
Fenty has carved a niche for itself as an inclusive makeup line, making it the go-to for everyone, particularly those who felt excluded by previous makeup companies.
Rihanna giving back to the community
She has not kept all of her money for herself, and she has given some of it back. She established a foundation in honor of her grandparents in 2012. The foundation works to improve the quality of life for communities in health care, education, arts, and culture. She also has a foundation through which she provides full scholarships to students from various parts of the world, including Haiti, Cuba, and Brazil.
Rihanna has shown us that you can make money from various sources, not just what makes you famous. Rihanna is not only a talented musician, but she is also a successful businesswoman who has capitalized on the popularity she has gained through her music to launch a cosmetics line. Everything she comes into contact with sparkles and transforms into diamonds, just like in her song “diamonds.” Today, Rihanna’s most profitable partnership today is with the luxury conglomerate LVMH.