July 15, 2024
Episode

Reflecting on Hip-Hop's 50 Greatest Moguls

Reflecting on Hip-Hop's 50 Greatest Moguls
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To celebrate hip-hop’s 50th anniversary, we ranked hip-hop’s 50 greatest moguls. Friend of the pod, Zack O’Malley Greenburg, hit me up with the idea and I was down. We reached out to several experts, published the official list on his site, and discussed the full list breakdown on the latest Trapital episode. Here are a few key themes below from our chat.

Mogul” is about more than making money

There’s a strong correlation between hip-hop’s wealthiest artists and its moguls, but they’re not identical. Moguls make an impact beyond personal financial gain. They create opportunities for those around them.

Jay-Z said it best in his verse on Drake’s “Pound Cake.” He shouted out his past business partners, who are now millionaires, and others in his orbit who became billionaires, like Kanye West, Rihanna, and LeBron James. If an artist is wealthy, but the people they came up with aren’t broke, that’s a knock against the artist. A mogul’s king or queen-making ability matters.

There’s also a longevity factor. Some people may be considered moguls because of one or two lucrative products or investments, but their business performance struggled in several other years. I weigh consistency and longevity above short-term dominance. It’s more likely to lead to successful results, especially in media—where companies that chase the hot trends often lose those who are in it for the long haul.

Indirect influence also plays a factor. Nipsey Hussle didn’t close nine-figure deals or put his friends into positions of power, but his business mentality lives with other artists and entrepreneurs. The marathon continues.

You can read the list here, listen to our episode here, or read below for more highlights.

Why super producers make great moguls

Several of hip-hop’s well-known producers landed relatively high in our rankings, from Dr. Dre (#2) and Kanye West (#8), to Pharrell Williams (#22) and Swizz Beatz (#27).

Sure, there’s a skew towards hip-hop’s most famous names (we’ll get to that later), but it’s more than that. Great producers must be organized, communicate effectively, think big picture, and pay precise detail.

For instance, before age 20, Swizz Beatz had already made beats for DMX, Jay-Z, and Noreaga. He had to navigate powerful personalities at an early age, which set the tone for a career of doing it. His role at Verzuz largely depends on his ability to leverage relationships and skills to close deals. His brand partnerships with Bacardi and Lotus require him to translate his insights to the boardroom. The skillsets are transferable.

The same is true for Dr. Dre and Kanye West. Dre’s inventive genius in music production directly translated into well-designed headphones. He had the perfect match with longtime business partner Jimmy Iovine. Kanye’s creativity in music came through in his fashion, leading to the Adidas Yeezy partnership’s rise (and fall).

But since these producers have all been established for over 20 years, who has next?

I got my money on Metro Boomin. Like Swizz, Metro was a teenager when he made beats for hip-hop’s biggest stars. When Metro was in high school, his mother often drove him from St. Louis to Atlanta so he could collaborate with artists. That story sounds like a future excerpt from a Malcolm Gladwell book.

In 2023, the Morehouse College dropout sold his publishing catalog to Shamrock Capital for a reported $70 million. He’s been consistent for his entire music career and is still under 30 years old.

If Metro Boomin ever starts a company and raises capital, I would be interested off of his name alone. That producer pedigree is strong.

Which moguls are overvalued and undervalued?

Our hip-hop mogul ranking, and several others I have read over the years, often rate the impact of artist-turned executives higher, and rate the impact of non-artist executives lower.

Drake (#16), Eminem (#19), and Lil Wayne (#36) all landed much higher than expected. Each artist had respective moments as the highest-selling rapper in the world, but they had less impact beyond their individual accomplishments. Wayne may have the best claim of the three with the impact of Young Money, but launching a successful imprint is different than launching a successful standalone business.

Meanwhile, the late Chris Lighty (#30), Steve Stoute (#40 tie), and Desiree Perez (#40 tie) are too low. The first season of the podcast series Mogul is all about Chris Lighty. Without Lighty, 50 Cent’s Vitaminwater deal doesn’t happen. Stoute has always been the connector between hip-hop and Corporate America. And Roc Nation’s CEO Desiree Perez rarely does interviews, which means she’s less visible than the artists-turned execs.

At the end of the episode, Zack and I broke down our dream leadership team to run our empires. The non-artist executives got a lot of love there. We also discussed our honorable mentions, how we created our lists. You can listen to the episode here or read our list here.

Many thanks to Andrew Barber, Binta Brown, 24kGoldn, Michelle McDevitt, Jinx, Shea Serrano, LaRussell, Benny Pough, Carl Chery, and others who shared their insights for this list!

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Dan Runcie
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Intersection of Hip-Hop + Business
Hip-hop mirrors the business world in a lot of ways. While I’ve always thought and known that, it’s great to see those ideas brought to life by someone so knowledgeable about both of those things. Huge fan of Trapital.
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Looking forward to future episodes of Trapital. I’ve been following the newsletters for awhile and always learn something new that’s relevant to hip hop and business. Great job getting the nuggets of info from Matthew Knowles on the 1st episode, can’t wait until the next one!
Cburns08
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If you’re looking for a podcast with a wealth of info on the business of hip hop, then Trapital is your new home. Dan is an excellent host who has a myriad of of experienced guests to talk their role in the business of hip hop. Check it out!
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If you work in — or have an interest in — the music business, Trapital is a must.
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A good friend of mine put me on this podcast and it took me some time to tap in, but once I did, I couldn’t stop listening! Dan has a talent for pulling out the narratives between lines, connecting it to the culture and then making it make sense. I’m a loyal subscriber and am thankful for the podcast!
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I am a real estate investor and came across this podcast after a recommendation from a friend who shares my loves for both hip hop and business. Often, those two interests have such polar opposite “voices” - but Dan’s podcast brings those two together for me. The result is magical. Great guests, too!
Gabriel Blue
Golden Age Goodness
As a guy who came up in NYC during the late 90s / early 2000s rap scene, I appreciate the history revisited by Dan, who obviously has an authentic and unique perspective on the culture. But he’s not only a hip hop historian; he’s also a visionary of art, technology and culture who curates other trend setters from across the globe. Salute!
Mrkamal
One of my fave podcasts hands down
I love Dan’s ability to bring diverse and timely perspectives to the show while asking deeply insightful questions that engage the audience on so many interesting levels. I’ve learned so much in just a short period of listening. Excited for what Dan has in store for the show in the future!
Greg0188
Great podcast! Keep it up!
I stumbled upon this podcast by learning about Dan / Trapital via LinkedIn. I listen to A LOT of podcasts and I decided to give it a listen. First, Dan has a calm and authentic demeanor, which are great qualities. When he’s talking to his guests it’s very conversational and easy flowing. I’m a former music industry vet so the topics are right up my alley.
Phil Stolaronek

Read what the industry leaders read

Hip-hop mirrors the business world in a lot of ways. While I’ve always thought and known that, it’s great to see those ideas brought to life by someone so knowledgeable about both of those things. Huge fan of Trapital.
PPLS CHAMP
Looking forward to future episodes of Trapital. I’ve been following the newsletters for awhile and always learn something new that’s relevant to hip hop and business. Great job getting the nuggets of info from Matthew Knowles on the 1st episode, can’t wait until the next one!
Cburns08
If you’re looking for a podcast with a wealth of info on the business of hip hop, then Trapital is your new home. Dan is an excellent host who has a myriad of of experienced guests to talk their role in the business of hip hop. Check it out!
RoyalSkegee
If you work in — or have an interest in — the music business, Trapital is a must.
Samu Rast
A good friend of mine put me on this podcast and it took me some time to tap in, but once I did, I couldn’t stop listening! Dan has a talent for pulling out the narratives between lines, connecting it to the culture and then making it make sense. I’m a loyal subscriber and am thankful for the podcast!
Zealous Advocate
I am a real estate investor and came across this podcast after a recommendation from a friend who shares my loves for both hip hop and business. Often, those two interests have such polar opposite “voices” - but Dan’s podcast brings those two together for me. The result is magical. Great guests, too!
Gabriel Blue
As a guy who came up in NYC during the late 90s / early 2000s rap scene, I appreciate the history revisited by Dan, who obviously has an authentic and unique perspective on the culture. But he’s not only a hip hop historian; he’s also a visionary of art, technology and culture who curates other trend setters from across the globe. Salute!
Mrkamal
I love Dan’s ability to bring diverse and timely perspectives to the show while asking deeply insightful questions that engage the audience on so many interesting levels. I’ve learned so much in just a short period of listening. Excited for what Dan has in store for the show in the future!
Greg0188
I stumbled upon this podcast by learning about Dan / Trapital via LinkedIn. I listen to A LOT of podcasts and I decided to give it a listen. First, Dan has a calm and authentic demeanor, which are great qualities. When he’s talking to his guests it’s very conversational and easy flowing. I’m a former music industry vet so the topics are right up my alley.
Phil Stolaronek
Dan sitting at a table with others, smiling and engaged in a discussion, with glasses and a water pitcher on the table.

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