In a new interview with Billboard, Murder Inc. Records founder Irv Gotti calls music the “lowest form” of the entertainment industry while discussing his plans to finance, write, and direct his own film after selling half of his ownership of his label’s past recordings for $100 million. “The entertainment industry is music, TV, and film,” he explains. “The music business is the lowest form, and I just bagged $100 million for s—t I did 20 years ago.”
As he elaborates, “More money is made in TV and with movies than music. It’s a non-disputable fact. We love the music industry and I love the music industry. There’s money to be made. But [it’s dwarfed by] the money made from TV and film. If I have 100 episodes of television and I own it, they’ll probably put a worth on it at $300 or $400 million. With $300 or $400 million, I could sell it at a 10 to 20 multiple. That’s three to six billion. This is why Tyler Perry is a billionaire. That’s why I sold my masters and did this deal with Iconoclast.”
He’s not wrong; the money-making potential in movies and television easily explains why so many rappers have transitioned to acting careers — some of them before they even have an official album out, like Saweetie. More musicians are also pursuing production deals; Kid Cudi, Megan Thee Stallion, and Vince Staples are all working with Netflix, and 50 Cent has developed a media juggernaut with his Power universe on Starz. As for Irv Gotti’s latest endeavor, here’s hoping it goes better than his last one did; despite grossing over $500 million (according to co-founder Chris Gotti, Irv’s brother), the label declined throughout the late 2000s, after federal investigators accused the Gotti bros. of launching the label to help launder drug money.
