His official name is Scott Braun, but people know him better as Scooter Braun. You can never talk about the rise of Justin Bieber without mentioning him. He has become a force to reckon with in the music industry since he manages the most prominent names. Even though he has gotten on the nerves of some like Ariana Grande, who fired him, she still recognized his managerial ability and rehired him after several months. However, he does not only have an eye for discovering musical talent, but he also has a nose for savvy investments. Here are a few ways that Scooter Braun’s net worth grew to $400 million.
Becoming a pop star manager
At times you find yourself thrust in a world that ultimately shapes your destiny. Scooter found himself at Emory University, and although he dropped out, it was not before he had made connections in the music industry. While at the university, Scooter used to organize parties, and they must have been the talk of the town because Jermaine Dupri began attending with Janet Jackson, his then-girlfriend. Scooter impressed Jermaine so much that he hired him to work at So So Def, and in six months, Scooter was the Vice president of Marketing. Unfortunately, things did not end well at So So Def, but Scooter got the best advice from Lil Jon, who told him to do his own thing.
Therefore when Scooter heard Justin Bieber sing, he took a chance on him. By then, Justin was only 12, but he convinced Justin and his mother to move to America. Scooter had saved enough money to last him 13 months, so he paid the bills for both where Justin and his mum lived as well as Asher Roth’s place. There was still no sign of success coming his way despite having two musicians under his wing; Scooter only had two months left before his money ran out. When his father called, Scooter broke down, saying he was ready to give up. Fortunately, his father encouraged him, and by a stroke of luck, Asher Roth played “I Love College,” the next day, which eventually saw Scooter getting a deal that saved his company.
As for Justin, it is safe to say that Scooter has accumulated lots of wealth from the success of the young popstar. However, it was not easy since with most stars, the minute the money gets in their head, they become distracted and get involved in drugs and crime. Justin was not spared from this path of destruction, and Scooter thought he would lose him over a drug overdose as published on Billboard. Luckily for Scooter, Justin has gotten his act together. With his success, other stars like Ariana Grande, Tori Kelly, and Kanye West signed him as their manager.
Usually, managers get paid a lucrative salary that could be at least $100,000 per year. They also get a commission based on the gross payment that the artist receives. With Justin Bieber becoming the highest-selling artist of those born after 1990, Scooter must be raking in lots of commissions.
Scooter can smell where the money is, and one of his investments is in Uber. One day when he went to San Francisco to strike a deal with another company, things did not work out. The man told Scooter he would get him an Uber to take him to the airport. Scooter did not have to pay and that only piqued his interest in the cab business. After meeting Travis Klanick, Uber’s co-founder, Scooter, knew the best thing he could do was invest early in the company. Although the valuation of the company was too high, Scooter risked his money. To him, the passion Travis had is all the confidence Scooter needed to stake his money in Uber. Some sources recently reported Uber to be dangerously profitable and discouraged people from investing in it, but agree that early investors like Scooter have made a killing.
Scooter has also invested in Spotify by striking a friendship with the owner. He believes the only way to become prosperous is by finding people with the same drive. Therefore when he was on billboards “30 Under 30′ he asked for the contact of the other people on the list. Daniel Ek, Spotify’s founder, was on it, and they ended up hanging out during the weekend. By the time the weekend was over, they had struck such a great friendship that Daniel let Scooter invest early in Spotify. Although it has taken time to make money, the company has reportedly made profits for the first time.
Scooter’s investment in Uber and Spotify paid off since, in 2010, he used venture funds raised from the two companies to launch Ithaca Holdings LLC. Although Carlyle Group became a minority investor in 2017 and injected more capital valued at $800 million in the firm, Scooter remains the majority owner. His latest investment is in Big Machine Records which was founded by Scott Borchetta in 2005. Scooter paid $300 million and Taylor Swift did not hide her rage saying he had always been trying to dismantle her career so knowing that her past albums would also benefit him was her nightmare. When he purchased the company, Scooter instantly owned Taylor Swifts’ first six albums and gained a few more artists such as Sheryl Crow, Lady Antebellum Thomas Reight, and Florida Georgia Line.
You can never go wrong by putting your money in real estate, and Scooter has made some fortune in the industry as well. In 2012, Scooter bought a home in West Hollywood for $2,450,000 and in 2015, put it up for sale with an asking price of $3,925,000. In November 2014, he and his wife bought a mansion for $13.1 million but not before selling their Sunset Strip home for $4.6 million. The entrepreneur knows how to make quick cash because, according to Celebrity net Worth, in 2011 they had bought property in Los Angeles for $5.7 million which they sold in 2015 for $11.6 million.