Prince was an unparalleled musician, performer and composer with a catalogue of music credits valued near $1 billion. But multiple sources close to the musician, who were privy to his financial affairs said he suffered chronic money problems.
Due in part to his beliefs and suspicions and how he managed and guarded his most valuable asset – his vast music catalogue – Prince’s actual financial estate was far less than it could have, or should have been.
One of the primary sources for money for artists like Prince is for them to license and sell their art. However, Prince would not leverage or sell his art. He did not trust the music industry and was constantly ad odds with them about rights to his artistic properties. Rather than leverage the properties and prosper, he kept them closely held and repeatedly rejected numerous opportunities to use his music commercially.
Prince had produced content in circulation that was estimated to be worth $300 million if optimized effectively. Additionally, he had composed and recorded content that had not yet been released that is estimated to be valued at another $800 million.
During his life, Prince’s primary source of income was from concert performances. One rap against Prince was that he was prone to perform spontaneous concerts that were not well planned or promoted. Although those in attendance enjoyed many a memorable event, he missed out on a veritable fortune for how he conducted his business affairs.
Genius in one field does not guarantee genius in all.
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