Perched in a smoky penthouse recording studio in Chelsea last night as the sun slipped into the Hudson River below, Wiz Khalifa found himself in a milieu conducive to making grand pronouncements.
About a dozen music journalists mingled with a handful of label executives, recording engineers and plus-ones; even the 24-year-old rapper’s Rostrum Records labelmate (and fellow Forbes 30 Under 30 member) Mac Miller was in attendance.
They were all there to hear Wiz’s new mixtape, Taylor Allderdice. With the same laid-back verve that has characterized his rocket rise to the rarest reaches of the rap world, Wiz took the audience through his latest work, occasionally punctuating the proceedings with his machine-gun chuckle.
As the listening party wound down, I asked Wiz how his new music would affect his bottom line. Would he be able to top last year’s $11 million payday, which landed him a spot on FORBES’ annual Hip-Hop Cash Kings list?
“Oh yeah, man, I’m going to make $100 million this year,” he said. “No doubt, $100 million. The new mixtape [will] get everybody ready and get their wallets open.”
Wiz was clearly in high spirits last night, and although he’s likely in for another big year, $100 million is a bit of a long shot. In the five years I’ve charted hip-hop’s top earners, only 50 Cent has taken home nine figures in a single year (in 2008, thanks to a $100 million windfall from the sale of his stake in VitaminWater parent Glaceau to Coca-Cola). Only 50 Cent, Jay-Z, Diddy and Kanye West have earned nine figures in the past five years combined.
That said, if Wiz’s mixtape foreshadows asuccessful new album and tour, another double-digit million year is well within reach. Though concert data provider Pollstar lists his average gross at $70,000, his nightly take should exceed $100,000 in the coming year—the Pittsburgh-born MC has broad appeal, as evidenced by his popularity on college campuses and on the festival circuit. Better yet, his next tour could bring him to larger arenas, further boosting his earnings. “We identify him at our company as one of the next potential superstars in the genre and as someone who will develop into a major hard ticket act,” AEG chief Randy Phillips told me this summer. “You know it’s getting really big when it crosses over to suburban kids.”
Wiz’s appeal is underscored by the startling success of his merchandise. Most hip-hop acts tend to gross $2-$3 per head per show; Khalifa’s take is typically north of $5 and sometimes soars as high as $15. That’s territory generally reserved for the likes of mom-approved pop acts like Justin Bieber and Taylor Swift—but neither approached $100 million in earnings last year, either.
Regardless of his future fortunes, Wiz seemed plenty pleased with his new project.
“You know what, it’s everything that I wanted to do,” he said. “You can clean to this, you can cook to this, you can iron to this, you know what I’m saying? It’s all good.”
For more on the business of hip-hop, check out my book Empire State of Mind: How Jay-Z Went From Street Corner to Corner Office. You can also follow me on Twitter and subscribe to my updates via Facebook.
