Getty Drake is one of the top earners in the music industry.
Drake, whose full name is Aubrey Drake Graham, has an estimated net worth of $150 million, per Celebrity Net Worth. The rapper made Forbes list of top 100 celebrities for 2018 by earning $47 million. Drake is also listed as one of the 20 richest rappers by Wealthy Gorilla at No. 14.
Not only is Drake a successful musician, but he is also an entrepreneur. The rapper started his own record label, OVO Sound, which also has a popular clothing line. Drake’s endorsement deals include Jordan, Apple Music and Sprite. According to GQ, Drake originally had a goal to make $25 million by the time he turned 25 years old.
At 32, Drake has created a music empire and is one of the most successful hip-hop artists in the world while more than exceeding his original financial goal. Drake explained to GQ in 2013 that his goals are bigger than just being a successful rapper.
“Do you know that even if I had $250 million in the bank, I couldn’t buy half of that [referencing Russian billionaire Roman Abramovich]?” Drake noted to GQ. “Rappers aren’t the really rich ones. We all have nice houses with studios and cars, but you need a piece of someone’s business to be super wealthy.”
Learn more about Drake’s net worth.
1. Drake Founded His Own Record Label Called OVO Sound
Drake founded his own record label called OVO Sound (which stands for October’s Very Own) in 2012. OVO Sound’s artist includes Partynextdoor, Majid Jordan, Roy Woods, DVSN, Plaza and Baka Not Nice. The record label has a partnership with Warner Brothers, per Billboard. OVO also has a line of popular apparel. Oliver El-Khatib is one of the OVO Sound partners and discussed the company’s success with the Business of Fashion.
“We started creating product out of necessity,” El-Khatib told The Business of Fashion. “There was a lot of traveling in different climates, so we needed practical, versatile garments that looked stylish while also being recognizable to security as well as at business meetings.”
OVO has a sponsorship deal with the Toronto Raptors and the team’s training facility is now called the OVO Athletic Centre. OVO’s signature owl logo is also featured on the Raptors practice jerseys.
“Drake and OVO are an important part of our city’s landscape, our team’s identity, and our plans to bring a championship to Toronto,” Raptors President Masai Ujiri said, per NBA.com. “With each step of our partnership over the last five and a half years, we have worked together to build a winning basketball program in Toronto and deliver for our fans and our community. This new naming rights deal for our training facility is a perfect example of the strength of this partnership and the innovative opportunities it can generate.”
2. Drake Purchased a Private Jet Called the “Air Drake”
The rapper now has a private jet which TMZ estimates the retail price is between $185 million to $220 million. Drake’s plane is a custom 767-300F Boeing model, per TMZ. The jet is part of a partnership with Cargojet.
“Supporting home grown businesses has always been a top priority of mine, so when an opportunity came up to get involved with a great Canadian company I was honored to do so,” Drake noted in the press release.
3. Drake Is a Global Ambassador for the Toronto Raptors
There has been some confusion over Drake’s role with the Raptors. While the rapper does not have an ownership stake in the team, Toronto made Drake their Global Ambassador in 2013. Pitchfork reported that the rapper does not receive a salary from the Raptors. Even if Drake is not paid by the Raptors, the courtside visibility at Toronto playoff games has done nothing but help his brand.
The Raptors announced an expanded partnership with Drake in 2018. In addition to the naming rights mentioned with OVO, the team has worked with Drake on everything from theme nights to jersey designs.
“I think the key is always to grow, the key is always to evolve,” Drake noted to NBA.com after the announcement. “It’s nice to have the uniforms and the fancy court and the merchandise and stuff like that, but what was most important to me was just the call to action. I think in this day and age it’s really easy to get on social media and talk about things we’d like to see change or things we think are wrong, and then there’s an opportunity when you’re presented with one to be able to do something about it.
4. Forbes Calls Drake “The World’s Most Consumed Musician”
The music industry has changed with many music fans opting to stream music through services like Spotify, Apple Music and Pandora. This means record sales are a bit different with music so accessible online. According to Forbes, Drake had 5 billion streams in one year making him “the world’s most consumed musician.” Forbes ranked Drake No. 4 on its list of highest-paid hip-hop acts for 2018.
Drake spent the end of 2018 touring with Atlanta-based rap group Migos. According to Fader, the tour sold nearly 650,000 tickets and grossed $79 million. Drake’s 2016 album Views became the first album on Apple Music to eclipse one billion plays, per Forbes.
5. Drake Has Endorsement Deals With Jordan Brand, Sprite & Apple Music
Drake’s endorsement deals rival that of a top professional athlete. After some speculation that Drake could switch to Adidas, the rapper remained with Nike’s Jordan Brand, per The Undefeated. The rapper originally announced the partnership at a Portland concert in 2013.
“Today also happens to be one of the best days of my life,” Drake said, per Rolling Stone. “You know, growing up, I’m sure we all idolized this guy – he goes by the name of Michael Jordan. So today, I came to Portland, Oregon and I officially became inducted into the Team Jordan family.”
Drake has had a longstanding partnership with Sprite since 2010. The rapper has been featured in his own commercials for the beverage. Drake also has a $19 million deal with Apple Music, per Floetry in Portions.
