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Davido cancels label’s live concert due to surge in coronavirus cases

Davido has cancelled his planned music concert in Lagos over fears of coronavirus surge.



Davido Music Worldwide’s founder, David Adeleke, popularly known as Davido, has announced the cancellation of his label’s first-ever live concert due to the surge in COVID-19 cases.

The multi-award-winning artiste had earlier announced to millions of fans of a DMW concert which was to feature Mayorkun, Peruzzi, Dremo and other artistes on the label.

READ: Second wave: Nigeria records all-time highest daily Covid-19 cases

Fans’ hope was however dashed when the “Fem” crooner took to his Instagram page to announce that the concert which was scheduled to hold on the 28th of December at the Eko Hotels and Suites, has been canceled.

READ: SoundCloud creates ‘donation button’ for fans to support artistes affected by Coronavirus

“Following increased and overwhelming concerns with the rise of Covid-19 cases in Lagos, we have made the difficult decision to cancel the upcoming ‘Davido Presents DMW Live In Concert’ scheduled to take place on Dec 28th. The health and well-being of our fans, employees and artists is of paramount importance so whilst we are disappointed, we know it is the right thing to do,” he said.

READ: AstraZeneca set to buy Alexion for $39 billion

The singer who is still basking in the success of his recent album, ‘A Better Time’ went on to thank the fans for the support and promised to hold the concert in the near future.

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“Thank you to everyone that purchased tables. Your support brought us way closer to sold-out status than we expected in a very uncertain time! We look forward to bringing you a DMW live in concert in the very near future. In the meantime, stay safe, sanitised and socially distanced. Thank you for your understanding and Merry Christmas in advance!” he added.

READ: UPDATED: FG suspends ExecuJet for flying Naira Marley to Abuja

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Billionaire Watch

The secret to Tyler Perry’s $1billion dollar empire

Tyler Perry went from sleeping in his car after flopped shows to becoming a billionaire entertainer.



Over the years a distinct class of sectors has been noted for producing the most billionaires. When you go through any rich list you are most likely to find these sectors fully represented and leading the park. According to Visual Capitalist, these following sectors produced the most billionaires from 2009 to 2020.

  • Technology
  • Health industries
  • Industrials
  • Real estate.

Where is entertainment? 

Despite the luxurious lifestyle of high flying celebrities, The entertainment industry has hardly been a billion-dollar sector for entertainers. Most famous celebrities with millions of followers around the world are nowhere close to a billion-dollar net worth. Entertainers have always struggled with finances after their peak years while some ended up in debt. But recently there has been a slight break away from the norm. Some entertainers are finding new ways to climb the money tree and are succeeding at it.

READ: Aliko Dangote’s net worth falls by $840 million

Tyler Perry belongs to a distinct class 

According to Forbes, there are very few entertainers who ever get to make it to the billion-dollar club. When eventually they make it there, it is hardly from their craft. For example, Kanye West made it to the billion-dollar circle from a partnership deal with Adidas, not his music. Forbes stated that Kanye West’s entire music catalog is worth a paltry $90m.

Jay Z made it to the circle from a series of investments that cut across various sectors.

Tyler Perry belongs to a unicorn class of entertainers who achieved a billion-dollar net worth solely from their craft.

READ: A Look back at Jay Z’s Road to Billionaire Status

Tyler Perry’s journey to riches 

Tyler Perry went from sleeping in his car after flopped shows to becoming a billionaire entertainer. In an exclusive interview with Forbes, he shared his personal journey and struggles to feed and pay rent.

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Perry dropped out of high school. He did not attend any business school. He worked odd jobs to get by while performing his shows for a meagre crowd. Tyler Perry explained to Forbes that he had to work in hotels, sell cars and collect bills.

READ: How Kanye West became the richest black American with $6.6 billion net worth

$12,000 seed money 

Perry kicked off his production with $12,000 he saved from his many odd jobs. He used the money to rent space at a community theater in Atlanta to produce a work he had drafted in his spare time.

He kicked off his career from there, touring and performing his debut drama “I knew I have been saved” in different cities. It wasn’t rosy and couldn’t pay the bills. He had to sleep in his car for 3 months at a time.

In 2001 he was invited by Oprah Winfrey to her popular talk show and that was when his special relationship with Oprah Winfrey started.

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READ: Covid-19 Billionaires: Meet Turkish couple behind $21bn BioNtech company

Oprah Winfrey’s billion-dollar advice

Perry revealed to Forbes how much of his business success he owes to Oprah Winfrey’s advice. Perry revealed that he was advised by Oprah Winfrey to own his entire operation. Perry owns a sprawling 330-acre Tyler Perry Studios in Atlanta. He produces his own content and owns 100% of it.

Forbes credited this strategy as the silver bullet that landed Perry in the billion-dollar circle. According to Forbes, Perry started earning a pretax income of $1.4 billion in 2005.

Tyler Perry current net worth 

According to Forbes, Tyler Perry officially became a billionaire in 2020. He is currently worth $1bn.

He joins a distinct class of entertainers who reached a billion-dollar status solely from their craft.

What you should know 

  • Tyler Perry famous character Madea – an elderly Black woman – made him a total of $290m, according to Newsweek. The Madea Franchise consists of 14 movies spanning a period of 11 years.
  • He gets paid $150m every year for fresh content by media giants Viacom CBS, according to Newsweek.
  • He owns his entire means of production and often rents it out to other production companies. This is believed by Forbes to be his key comparative advantage over other entertainers.

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Billionaire Watch

How Kanye West became the richest black American with $6.6 billion net worth

Kanye West officially became a billionaire six times over following remarkable deals with Adidas and Gap.



Kanye West

Kanye West’s decision to go into the apparel business in 2009 has etched his name on the sands of time. The Chicago-born rapper and businessman is now worth 6.6 billion making him the richest black American on earth according to Bloomberg.

This new information was revealed when a reputable Swiss investment bank UBS Group AG released an official document on the new Kanye West deal.

The document was obtained and reviewed by Bloomberg before it was made public. The latest Kanye West Yeezy deal involves two of the world’s biggest names in the apparel business – Adidas AG and Gap Inc.

History-making Deals with Adidas and Gap

According to Bloomberg, West latest deal with Adidas AG and Gap is valued at $3.2 billion to $4.7 billion by UBS Group AG.

West’s new clothing line for GAP is expected to cost $970m from the total of the deal.

According to Bloomberg the deal was signed last year and is expected to last for 10 years. West is expected to make clothes for men, women, and kids under the Yeezy Gap Label.

The Gap management is expecting to hit $150m in sales at the ending of 2022 and over a billion dollars in 8 years.

The apparel brand hopes to appeal to the younger demographic by bringing West on board.

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When Kanye West struggled with debts

The financial journey of Kanye West over the last decade is marked with up and downs. He has gone from numbing lows to astronomical heights in one of the most unstable financial paths ever seen.

According to Fox News, West made $115m in 2018 but still ended the year in a $35m debt. He was saved by a $68m Tax refund.

Earlier on in 2016, Kanye West spoke to BET on his debt status and his current struggles in the apparel industry. He racked up a $16m debt trying to float his apparel brand.

“I was trying to play a sport that’s a billionaire sport. It’s not a millionaire sport and I’m proud of the debt,”

“I don’t care about somebody’s Ghost (Phantom) or somebody’s house. I care about my vision,” he said.

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In 2015, West announced via his Twitter page that he was in a $53m debt. This was confirmed by Vanity Fair which alleged that he racked up the debts pursuing his fashion Industry goals.

He once asked Facebook founder Mark Zuckerberg to invest $1bn in his fashion apparel.

West wins…

  • According to Bloomberg, an unedited balance sheet of Kanye West’s finances revealed that the rapper was earning $100m in royalties from his Adidas business venture.
  • In addition to that, he earned over $122 million in cash and stock and more than $1.7 billion in other assets.
  • A 2020 valuation by a US-based valuation company placed his entire music catalog at $110.5 million.
  • His latest deal with Adidas is worth between $3.2 billion to $4.7 billion. His second deal with Gap is valued at $1billion.
  • Forbes officially named Kanye West a billionaire mid-last year and attributed this status to his 100% ownership of the Yeezy brand.
  • According to Celebrity Net worth, West is now officially the richest black American at the moment. At 6.6bn he has successfully displaced Robert F. Smith’s, David Steward’s, and Oprah Winfrey to clinch the top position.

What you should know

  • Kanye West owns 100% of the Yeezy Brand. A smart move that has been hailed by most business analysts. West did not sell the brand to any of the major shoe brands in the industry. He solely owns the brand, while Adidas just makes the shoes and distribute them.
  • According to Bloomberg, the Yeezy Sneakers are Kanye West’s most successful apparel business brand. The Swiss investment bank UBS attributed to this in their official statement where it confirmed that the sneaker business is growing at an alarming rate.
  • According to the UBS, Kanye netted $191 million in royalties from his 2020 operations.

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