Having been in the industry for only five years, 18-year old Justin Bieber has accomplished so much. It is quite difficult to believe that someone so young can achieve so much at such an early age.
4 Justin Bieber's Career
In 2007, 12-year old Bieber sang a version of Ne-Yo’s "So Sick" in a local singing competition in Stratford, Ontario, Canada. He placed second and his mom uploaded a video of the performance on YouTube for the consumption of family and friends. Bieber’s mom kept on uploading videos of his covers of different R&B songs which helped bolster his popularity on the internet.
Subsequently, Scooter Braun, a talent manager and former marketing executive of So So Def, stumbled upon Bieber’s YouTube videos and was impressed. He tracked him down and after some cajoling, he finally got his mother to allow him to fly 13-year old Bieber to Atlanta, Georgia to record a demo tape. He was signed to Raymond Braun Media Group (RBMG), a joint venture between R&B singer Usher and Braun. In October 2008, Bieber was signed to Island Records, resulting in a joint venture between Island Records and RBMG.
Here’s a look at Bieber’s ventures in the entertainment industry:
- Albums. To date, Bieber has released three albums, My World (released in two parts), Under the Mistletoe and Believe, which all hit the charts. His first album which carried the hit song Baby debuted number one in the U.S., Canada, Australia and New Zealand and reached top 10 in 15 other countries. As of May 2012, he has sold over 15 million albums.
- Concert. On June 23, 2010, Bieber launched his My World Tour in Connecticut to promote his My World and My World 2.0 albums. He grossed $150 million on 157 tour dates in two dozen countries.
- TV Shows. Bieber had guesting appearances on television shows like CSI: Crime Scene Investigation.
- Movie. A part-biopic and part-concert film entitled Justin Bieber: Never Say Never was released on February 11, 2011. It topped the box office with estimated gross sales of $100 million worldwide.
3 Earnings and Net Worth
Reports show that Bieber earned $53 million for the period May 2010 to May 2011 and $55 million for the period May 2011 to May 2012, bringing him to a total net worth of roughly $110 million.
2 Business Investments
What makes Justin Bieber even more interesting is that apart from earning a lot of money at a young age, he has also been spending his money wisely as will be shown in the following investments he has made. Bieber only invests on products he likes and believes in. Currently, he appears to be investing in private tech start-ups. Perhaps, this is his way of giving back, considering that his career was launched with the help of social media. He began investing in 2009.
Here’s a look at Bieber’s investments in businesses as reported in the June 2012 issue of the Forbes magazine:
- Tinychat. This is a messaging platform. In January, he joined a $1.5 million financing round for this company with A-Grade, an investment fund run by actor Ashton Kutcher, Madonna’s manager Guy Oseary and billionaire Ron Burkle.
- Stamped. This is a social curation app that allows users to rate various things like restaurants and music. He invested in this company in May by joining Google Ventures and Bain Capital.
- Sojo Studios. This is a gaming outfit established in 2010. Bieber joined Ellen DeGeneres as an investor in this company. His favorite product is WeTopia, a free Facebook game similar to FarmVille, where players collect virtual points which can be redeemed as donations to real charities. According to Sojo Studios, it donates to charity half of the money it earns from advertising linked to its games. WeTopia earnings are donated to the following charities: Save the Children, BuildOn and the Children’s Health Fund.
- Spotify. This is a disruptive music service founded by Daniel Ek. The founder recruited a number of recording artists to buy in the company while it established its credibility in the industry before it was launched in 2011. It is backed by everyone from Sean Parker to Li Ka-shing.
- Viddy. This is a video-sharing app that has an interface similar to Instagram’s.
Note that Bieber’s investments are not your typical equity-for-endorsement trades. He actually invests cash into each business and very few of them have promoted their products’ link to Bieber. Braun reveals that Bieber’s portfolio is between 2% to 5% of his net worth. Forbes estimates Bieber’s venture investments at $3 million.
In addition to these investments, the Bieber fragrance Somebody debuted in June 2011 with $60 million in retail sales in its first six months on the market.
Apart from his business ventures, Bieber also reportedly owns the following properties:
- Ducati Superbike 848 EVO. This $20,000.00-worth superbike was allegedly delivered to Bieber in April 2012. He reportedly picked out the arctic white silk model with a top speed of 159 miles per hour. It uses a wet clutch wherein the clutch mechanism is submerged in oil or some other lubricating fluid.
- Fisher Karma. This is a $110,000.00-worth all-chrome and environmentally-friendly hybrid car. This was reportedly a gift from Bieber’s manager, Scooter Braun, for the singer’s 18th birthday. The car is impressive with its combination of the best elements of luxury and sports car with a high-tech hybrid engine that runs in all-gasoline and all-electric modes.
- Calabasas, California Mansion. Bieber reportedly purchased this sprawling 9,000 feet luxury home for $6 million. It boasts of a large pool, a huge guest house and an ample garage. Bieber is expected to make this property state-of-the-art by installing the latest high-tech gadgets. He plans to install a computerized system that will allow him to control everything from the bathtub to the blinds with his fingertips. There are also plans of installing a home cinema theater and a game room with the latest consoles and old arcade machines.
- Hollywood Hills Mansion. Bieber allegedly purchased this $10.8 million property as an 18th birthday present for himself. Reports show, however, that Ashton Kutcher was leasing the property and bought it for himself after learning that Bieber was interested in purchasing it. The 9,400 square feet three-story home overlooks the Hollywood Reservoir. It has five bedrooms, eight bathrooms, two living rooms, a floating dining room, a large kitchen with new appliances, a private movie theater, a bar, a fitness room, a massage room, multiple gardens, a swimming pool, balconies on the top two floors, built-in outdoor fire pits and an elevated spa.