Home Celebrity Why Hollywood’s Greatest Minds Are Recession Proofing Their Finances

Why Hollywood’s Greatest Minds Are Recession Proofing Their Finances

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Becoming a household name on the screen, selling out shows, or owning multiple hits and albums is no longer enough for a modern-day celebrity, and for good reason. There was a time when it was common practice for artists to sign exclusive contracts with production companies and record labels. These contracts often come with draconian rules that leave them with little time, freedom, or calm about anything outside the contract.

But Hollywood’s old contract system has long since been washed away, and today’s celebrities can wear as many hats as they want. A celebrity’s title is no longer the whole and end of their existence; it’s now just another title on their calling card.

These days, it’s not uncommon to read about celebrities making big splashes in non-entertainment careers. From established industries like fashion and real estate to relatively new ones like CBD, some of Hollywood’s biggest names have invested heavily.

However, this move beyond entertainment isn’t just about making more money — A-list actors already earn an average of $15 million to $20 million per movie, for example. It’s about building a financial ecosystem for yourself that guarantees wealth generation no matter what happens in the entertainment space. It’s about using their success and status as celebrities to build their long-term financial health.

According to Priyanka Murthy, founder of disruptive jewelry brand Access79, “some of the biggest names in the entertainment industry are starting to see more success outside of their core services as entertainers.” She believes these efforts will keep them going beyond their prime. Correlation.

Entertainment is not recession proof

If there was any doubt about the caprices of the entertainment space, it was largely canceled when the COVID-19 pandemic hit. As a consequence of the pandemic, different sectors of the economy, including Hollywood, have suffered huge financial losses.

Artists have canceled tours, and show organizers have postponed festivals or restructured them as virtual events. Studios have suspended several productions, cut budgets and even had to cut ties with some actors for financial reasons. The closure of movie theaters and event centers caused global box office receipts to fall well short of expectations for the second quarter of 2020, to just $11.8 billion for the full year, a 72.2% decline from 2019’s $42.3 billion in revenue.

“This pandemic is a reality check for many people and businesses, including some celebrities,” Murthy said. “Whenever a tragedy as widespread as a pandemic strikes and shakes your main moneymaker so quickly, you find that no business is a 100 percent failure. This pandemic-induced recession has driven many The diversification of the businesses and portfolios of Hollywood’s biggest names has essentially become multiple hyphens.”

Priyanka Murthy is a polyhyphen herself, and she understands the financial cushion that wearing a few business hats can provide. A former Fulbright scholar and attorney, she has an extensive resume in litigation, having worked for some of the most powerful federal judges and prominent law firms in the United States. Beyond the legal world, Murthy has made a name for herself as an entrepreneur, a feat that has landed her on the 2021 Forbes 1000 list. She founded two jewelry brands, Arya Esha and Access79, and serves as the CEO of the latter. Murthy’s collaboration with her luxury jewelry brand Arya Esha has seen her create statement jewelry pieces worn by celebrities like Julia Roberts, Kerry Washington, Jennifer Lawrence and Lupita Nyong’o, and Access79 is a subversive and unconventional The try-before-you-buy styling brand leverages technology to design an experience that connects women with the most unique jewelry pieces and the best independent jewelry designers in a way that focuses on discovery and personalization.

“I have always been analytical and creative and never liked the idea of ​​doing just one thing, no matter how skilled I was. So while the law satisfied my analytical abilities, I applied my creativity and business acumen into my jewelry brand.” Priyanka Murthy said, “They say, you can’t have everything, but I believe you can

Having at least a part of everything, everyone from celebrities to blue-collar women is starting to realize that too.

“I built a luxury jewelry brand that made women happy and celebrated. I was as comfortable analyzing hard data and making legal arguments as I was making one-of-a-kind jewelry.

“The diversity of my skills and business not only allows me to diversify and resist recession, but most importantly, it allows me to expand my reach.”

“Celebrity” is an adjective, not a noun

Fame is a marketable and marketable commodity, and the best entertainers have perfected the art of using their fame for a paycheck. But fame can only go so far. Priyanka believes that no matter how great a reputation, there is an expiration date and it is the responsibility of celebrities to proactively use their time to create multiple income streams that will continue even after their fame ends if they quit showbiz.

As she puts it, “Fame is powerful when it lasts, but it’s a commodity that’s dwindling. The passage of time eventually makes you less important. Fame is an adjective, not a noun, which is why I Pursue influence and meaning for influence, not status.”

There is also the issue of competition. Besides fame is not only fleeting, but the competition is fierce. Thanks largely to social media, the creative economy has grown to the point where a 13-year-old creating videos in her bedroom can arguably be as famous as a seasoned celebrity who studied at Juilliard for years. The 13-year-old can also do the job in less time and without half the hassle that A-listers might have to deal with.

For budding celebrities, especially social media influencers, this could be a good time to start thinking more broadly and understanding that their celebrity identities should be a means to more sustainable goals. Like Priyanka Murthy said, it’s an adjective, not a noun.

Celebrities do this by starting a business from scratch, investing in an existing business, or buying outright. Among these options, you’ll find veterans of the wealth diversification game like Sean Combs, Oprah, Jay-Z, and Rihanna. Even young celebrities like Billie Eilish and Marsai Martin joined the diversity train early on.

Some celebrities are still in the honeymoon phase of their careers and enjoying fame, but those who have been around for a while are finally starting to embrace the diversity of their numbers. Of course, we should all think along the same lines, celebrity or not.



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