If you have followed me for any significant amount of time, you are aware that I am not very pleased with the way that Hip-Hop music has shifted directions. Having grown up during the time when the culture was birthed and blossomed, I feel that the entire culture has lost its way. With that being said, I am just one person, and the reality is that the genre has evolved and it has open the door for a lot of new talent and these new artists are rapidly amassing wealth in the process. One group that has built an enormous following is the Migos. Known as the Bad and Boujee Rappers, the Migos have taken the rap industry by storm.
According to the latest reports, the group has a collective net worth of $12 million dollars. This net worth is based on a collective of the three star’s net worth combined. According to Wealth Gorilla, each star has a net worth that is approximately equal — resting at about $4 million each. With the average age of the group members being 25, what they have accomplished in such as short period of time.
The Lawrenceville, Georgia natives formed their group in 2009, but the group did not gain national acclaim until 2017.
When it comes to the music industry, there are several primary avenues for revenue generation. Obviously, the group makes a substantial amount of their money through album sales. The current contractual stipulations that govern how albums sales are divided up is not readily available, so it is not certain how much each unit sale produces in the way of revenue for each artist.
The most lucrative revenue generation mechanism for the artists is touring. Artists make far more on touring than they do with royalties earned. When you consider the fact that the Migos are consistently selling out arenas — not only in America — but all around the globe, the portrait that explains their rise in the area of wealth starts to come into focus.
The group also earns money for appearances in television and radio ads. As their stardom and popularity continue to rise, the ability to make money off of their image and basic presence will continue to rise.
What should also be noted is that the group could be spawning the next power couple, which will definitely increase their capacity to generate massive amounts of money. Offset recently proposed to the female rapper, Cardi B, who recently gave birth to their first child together. While it is a little early to be comparing the two to Jay-Z and Beyonce, it is definitely worth noting that the two are in a prime position to make their collective presence felt in the music world.
Both Offset and Cardi B are 30 Under 30 honorees, meaning that they represent the future of the genre and the rising generation.
Additionally, there is a lot of noise surrounding the group concerning speculations that they are looking to get involved in business endeavors outside of the music industry. We have seen this before. Social media has created a situation in which people can leverage their online popularity to generate revenue and fund their entrepreneurial aspirations. The Migos have had a major impact on social culture over the last couple of years, and this impact extends far beyond what they are doing in the music world. You can hardly turn on your television or log onto your devices without seeing an image of the group. When you combine that cultural force with that of Cardi B, you now have a synergy that cannot be denied.
It is currently a huge cultural push that is consuming the music and entertainment industry, and the Migos have positioned themselves to be out in front of the rapidly growing trend. This momentum could easily push their net worth into the nine-figure range in the next couple of years. There is no limit to what is possible when you are able to leverage social media in such a way that you create free publicity and connectivity.
Today the collective net worth of the Migos is $12 million, and tomorrow who knows how high the numbers will climb. But one thing is for certain; barring some cataclysmic shift, the Migos are just getting started.
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Written by Rick Wallace
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