I was watching Tamron Hall interview Whoopie Goldberg recently and Tamron asked Whoopie if she is happy with where she is. Whoopie paused for a moment and said she would have liked to have been Tyler Perry. Tamron asked her what she meant since she has made many movies. Whoppie said, “I never had the bread.” Tamron then said, ‘But you have done a lot of movies, do you think it was because you are a woman?’ Whoopie basically said ‘No, I made a lot of money. I just did make enough to start a studio.’
What Whoopie was REALLY saying is she didn’t own her own sh, unlike Tyler. So the one-time payment apparently didn’t result in any massive residual or passive payments. People have clowned Tyler Perry for playing Madea and while I would not see a Madea movie myself because it’s not for me, Tyler is an absolutely brilliant businessman. The black community has been giving our wealth, culture and potential businesses away for way too many decades and because of that, we have nothing to show for it. Had Whoopie had a greater business acumen and surrounded and educated herself on ownership … without question… she WOULD have her own studio by now.
Everybody can’t be an entrepreneur. I know this and as we celebrate 25 years in business this year, I’ve been blessed to learn a LOT. A good entrepreneur has his or her eye on the future so that they can embrace it and shift their business. I can tell you the industry is headed in an entrepreneur and side gig direction that cannot be denied. Artists are capitalizing on branding in ways their predecessors couldn’t and technology plays the greatest role in order for them to do that. There are millionaires and billionaires in our industry who just a few years ago had NO connection to the music and radio industry. BUT they understood business, found the holes that many of the experienced people left and they filled them.
By looking at several radio corporate websites, I can tell you that several of them are not only leaving a ton of money on the table but too many of us are waiting in vain for recognition that may never come working for those corporations. It’s really not the corporation’s fault, they are promoting their brand more than the employees (unless you are a syndicated host) and many have rules about doing outside self-promotion and using the corporation’s name without their permission. I can understand that too but at the end of the day, they own their brand but who owns YOU? If the answer is YOU then you better find a strategy to promote and diversify your skills, not only so that you can have something to fall back on if you lose your current gig but also to make you more valuable to the industry as a whole. People who last for decades in this industry are the ones who can do many things. For example, do you have a unique idea on how to promote music because the record labels are ALWAYS looking for new ways to do it and to get it to consumers?
Here at RadioFacts, we gleefully embrace digital media and concepts. If you can’t be an entrepreneur, and I can tell you from experience, it’s the most rewarding AND challenging gig you could ever have, if you know what you are doing … but it’s not for the faint of heart. If you can’t be an entrepreneur, then at least have a side gig unrelated to your current corporate gig. Here are some ideas to help you “secure the bag” with residual income formulas and digital gig concepts You’re welcome (lol). Please like and share TF out of this info. Click NEXT above or below for the next idea