(Last Updated On: June 17, 2017)
Chance The Rapper Net Worth – $12 Million.
Chancelor Johnathan Bennett, popularly known as Chance The Rapper is an American rapper, singer, songwriter, record producer and philanthropist. He has an estimated net worth of $12 million. He has gone against the norm in the music business by turning down record deals from numerous labels and depending on word of mouth to push his music. His music has always been available for free on SoundCloud and other platforms. He does this because he realized his strength was being able to offer his best work to people without any limit on it.
How Much Money Does Chance The Rapper Make From Music?
According to Forbes, Chance made an estimated amount of $33 million and made it to the top 100 highest paid entertainers. This is thanks to his album “Coloring Book” which won him a 2017 Grammy for best new artist. In its first week its tracks were streamed 57.3 million times which is equivalent to 38,000 traditional album sales. Just like most musicians, Chance makes most of his money though touring. He has so far had three major tours: Family Matters Tours, Magnificent Coloring World Tour and Spring Tour.
The other avenue Chance makes money is through endorsement deals. On the release of his mixtape Coloring Book, he was paid $500,000 to keep it exclusive to Apple Music for the first two weeks. He also bagged another multi-million deal with KitKat to appear in their commercials. He also got to premier his new song in Nike’s Olympic ad.
Musicians do make a lot of money passively through royalties from streaming platforms. His YouTube channel generates an average of 320,000 views per day which should translate into around $650 per day ($240,000 a year) in ad revenue. He gets more royalties from Spotify and Apple Music. He is also entitled to performance rights royalties for the public performances of his songs.
Due to Chance’s rising popularity, he is able to make money through tour merchandise after fans buy them. Here he may work with a merchandising company then pay him a royalty of between 30% – 60% depending on the numbers he brings.