Drake is one of the most successful musicians of… Well, all time now. His net worth is an estimated $180m, which is unsurprising if you calculate how much revenue he’s in the centre of due to his music. The man could hold up an industry.
So, with this in mind, is Drake also talented in business?
The two industries Drake is most emotionally invested in is fashion & music. It’s fair to say his accountants will have diversified his business greatly, but these are the two Drake seems most interested in.
Music icon turned fashion mogul? 👟
Drake is a walking billboard. As a result, it only seems natural that Drake ventures into fashion.
Drake’s fashion ventures include:
- Nocta – His joint fashion label with Nike.
- OVO – His own brand.
- Sneakers – OVO has had multiple sneaker projects with Jordan.
My initial reaction to Nocta was confusion as I didn’t understand why Drake would choose to promote a Nike owned brand over OVO. However, the reality is that if Drake plays his cards right there’s enough attention for both brands.
OVO isn’t just Drake’s, & is a young brand which will potentially grow slowly over the next 20 years. Whereas I think he sees Nocta as being scalable at a much quicker scale (thanks to Nike) & more directly linked to his style, maybe even a rival to Kanye West’s Yeezy.
That being said, Nocta has now existed for over a year & still hasn’t had the kind of attention Yeezy had when at Nike.
The many revenue streams of his music 🎵
Of course Drake’s music is the biggest part of his career. At this point he doesn’t even need to think about his critics. His last 5 albums/mixtapes/playlist sounded unfinished in their quality when compared to earlier works, & his fans (including me) still accepted them with open arms.
The biggest streams of income from his music:
- Steams & album sales – Of course the consumption of music itself. Although this likely is actually a small part of the overall revenue generated from music.
- Merch & collectables – Vinyls, CDs, cassettes, clothing & more; these physical products are tied directly to the album & are collectors’ items linked with each album.
- Tours & festivals – Live events are probably Drake’s biggest revenue maker in terms of music, with his last tour with the Migos reportedly generating $84.3 million in sales.
- His record label, OVO Sound – Drake has a variety of other artists signed under his label, including PARTYNEXTDOOR and Popcaan.
In terms of his own music, there’s not much more Drake can accomplish.
The only thing left for him to achieve is to give emerging artists a platform on his OVO Sound label, but this is more complicated as the label is not entirely owned by Drake. Since it’s under Warner Music Group, OVO Sound does have limitations.
What does the future hold for Drake? 🔮
In many ways it seems like Drake doesn’t want the stress of competing commercially with other creative moguls like Kanye West.
Take Nocta, for example. Nocta in recent months has only achieved triple the search interest that it did prior to being the name of Drake’s clothing brand. There’s a multitude of reasons why, but the main being that Drake just doesn’t seem that interested in making it something big.
Compared to Kanye’s rants in 2013 about Yeezy’s future and his determination of making the brand what it is today, Drake seems completely unfazed if Nocta is anything other than a glorified merch line.
Drake has nothing to prove. Realistically, if he made some high-quality clothing for Scorpion (not Certified Lover Boy, that album title is tragic) & ran it as limited release with Nike for 6 months it probably would have the same significance as Nocta does now.
However, Drake does seem to have fleeting moments of wanting more significance. The fact he even started Nocta shows this. He either needs to commit to pushing his brand further or enjoy his current status
Realistically, he’s in no rush to decide.