Rap mogul Jay-Z faces off with billionaire investor Warren Buffett, currently the third wealthiest person in the world, in the upcoming issue of Forbes magazine.
Details on the two’s conversation hit the Internet Thursday (September 23).
The richest man in the world and the richest man in Hip Hop cover Forbes magazine and sit down together to discuss success, coming up and giving back. Jay-Z also speaks on buying The Blueprint 3 album back from Def Jam, revealing that before he went into the meeting to buy his rights back he actually lost his iPod that contained the finished album and lived in fear that the album would leak before he even got to buy it back. (Soul Culture)
Within the feature, Jay explains what lessons he has learned from Buffett.
“I think it goes back to a bit of what Warren was saying,” Jay said. “It’s the discipline not to get caught up in the moment. You know, music is like stocks, too. There’s the hot thing of the moment. There’s this hot, electro sound, or the hot Auto-Tune voice, or the hot whatever’s new and exciting. People tend to make emotional decisions based on that. They don’t stick with what they know, you know, this is who I am. This is what I do. They jump on this next hot thing. And it’s not for you.” (MTV)
The rap mogul even uses the feature to reveal his management/label Roc Nation’s goal as a business.
“At Roc Nation we’re taking our time with artist development, but there are many parts of the business that we’re in. For a long time, music labels weren’t into touring and now they’re making up these 360 deals [where labels get a piece of everything: albums, tours, merchandise]. I don’t want this to be a record-company-bashing thing but this whole 360 model is not what the record company does. The record company is not in the touring business. So why would an artist sign with you when that’s not your area of expertise? We’re with the biggest concert promoter there is, and there’s just so many different aspects we’re into to make ourselves successful: touring, producing, publishing, clothing, movies.” (Necole Bitchie)
Jay also touches on the impact he hopes to have on younger generations.
“As entertainers, we’re the first generation to capitalize on our talent. For many years artists were dying broke, because the record companies took advantage of them. I’m not talking about rock stars, like Bono. The first thing for me is to lead by example and show how these things have an effect on people’s lives in a real way. I know there is a future generation of stars in my old neighborhood that we must help out, to become what they could be if given the opportunity. So my first thing is to show by example and pull a guy in like Puff [Daddy]. We made a huge pledge to Katrina together. I think we could have done more. It showed hip-hop the power in doing things together. We’ll move forward from there.” (Forbes)
Check out Jay-Z & Warren Buffett’s interview down below: