Beyoncé is one of the world’s best-selling artists, with more than 200 million records sold across the world.
Moreover, this talented singer, songwriter, and dancer has been recognized for her incredible vocals and her boundary-pushing artistic vision on more than one occasion.
Beyoncé Didn’t Have To Worry About Money Growing Up
Via: Instar
Beyoncé has admitted that her family had money growing up. Her father, Mathew Knowles, worked as a sales executive at Xero, and her mother, Celestine “Tina” Knowles, owned her own salon.
“I didn’t grow up poor. I went to private school; we had a very nice house, cars, a housekeeper,” Beyoncé once revealed, explaining why she decided to pursue a career in music. “I wasn’t doing this because I didn’t have a choice, or to support the family, or because I had to get out of a bad situation. I just was determined; this is what I wanted to do so bad.”
Her family’s comfortable lifestyle allowed her to pursue a music career very early on. Throughout her childhood, Beyoncé participated in numerous singing and dancing competitions. When she was eight, she auditioned to be a member of an all-girl singing group called Girl’s Tyme, which also featured future Destiny’s Child member LaTavia Roberson.
Ultimately, the original line-up of the group was cut to four girls and renamed Destiny’s Child, while Beyoncé’s father quit his job to become their full-time manager. They were signed to Grass Roots Entertainment in 1995, releasing their debut album a year later.
Destiny’s Child quickly became one of the best-selling girl groups of all time. Unfortunately, the drama behind the scenes would lead to the group’s ultimate breakup in 2006.
Sponsorships Deals Helped Beyoncé Grow Her Net Worth
via: Instar
After Destiny’s Child announced they would be taking a break during the early 2000s, Beyoncé went on to release her debut solo album Dangerously in Love in 2003. After over two decades as a solo artist, Beyoncé has become one of the best-selling artists of all time. However, her $355 million net worth doesn’t only come from her work as a musician.
During the early 2000s, Beyoncé pursued a short-lived acting career. She appeared in Dreamgirls, for which she was paid $12.5 million, and voiced Nala in Disney’s The Lion King, for which she earned approximately $15 million. She also reprised this later role in the live-action remake of The Lion King.
Another way Beyoncé is making money is through sponsorships. One of her biggest sponsorships to date is her 2012 partnership with PepsiCo. Beyoncé became a brand ambassador with Pepsi for $50 million, which is one of the highest-paid endorsement deals of all time! It’s no wonder why the singer was featured in one of the most iconic Pepsi commercials alongside Britney Spears and Pink.
In addition to Pepsi, Beyoncé is also a celebrity spokesperson for the cosmetic company L’Oreal, for which she’s endorsed multiple products, as well as other popular clothing brands, such as Tommy Hilfiger, Giorgio Armani, and H&M.
A Drop in Sales Cost Beyoncé A Major Clothing Line Deal With Adidas
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In 2016, Beyoncé launched her activewear brand Ivy Park. Three years later, she signed a partnership with Adidas to expand the brand internationally. Ivy Park merchandise went on sale at Adidas stores in January 2020, with items selling between $25 and $250.
“This is the partnership of a lifetime for me,” Beyoncé said in a public statement. “Adidas has had tremendous success in pushing creative boundaries. We share a philosophy that puts creativity, growth and social responsibility at the forefront of business. I look forward to re-launching and expanding Ivy Park on a truly global scale with a proven, dynamic leader.”
However, the singer and the sportswear company split up earlier this year. According to The Hollywood Reporter, this was a mutual decision due to creative differences. However, The Wall Street Journal claims that the partnership with Adidas ended because Ivy Park’s sales decreased dramatically from $93 million to $40 million in the span of a year, while Adidas originally projected $250 million in sales this year.
Without Adidas’ support and international presence, this stings Beyoncé. However, with the millions of dollars she made with her Renaissance World Tour, Beyoncé is far from struggling.