A few years ago @beyonce revamped her team. She formed Parkwood Entertainment, created new departments and recruited new executives from the tech, business and entertainment sectors who joined the team to help grow Parkwood and its interests. And she is killing it! One of those people was Steve Pamon, JPMorgan Chase’s former head of sports and entertainment marketing, he became the COO. Pamon was the brain behind the bank’s sponsorship of Beyoncé and Jay-Z’s 2014 On the Run tour. Beyonce is one of the most strategic artists you will ever see. This was a huge move.
She then invested $150,000 into Sidestep, an app for buying concert merchandise and skipping the line to pick it up at the show. How can she sell more merchandise? Invest in the company that does it for you.
Beyoncé previously invested in WTRMLN WTR, a watermelon beverage company. The founder sent some product to Beyoncé after hearing her song and later Beyonce invested. She already made watermelon a pop culture must have, now she makes money when you drink it.
She’s also a stakeholder in streaming service Tidal thanks to her agreement to give it early access to her music. So she makes money as an artist, but also an owner off everyone else’s streams?! #boss
Then there is The Ivy Park line, its produced by Parkwood Topshop Athletic, a 50-50 joint venture between Beyoncé and Topshop. The athleisure market is very strong, Kate Hudson and Carrie Underwood also have lines. All of the athletic apparel makers are tapping celebrities to create collections. She has all the upside on marketing and branding but none of the downside of manufacturing and fulfillment.
Any of these moves can net over $100m for her. It’s really never been done before, Whitney Houston, Chaka Khan, none of them made moves like this before her. Much respect. #venturecapital #blacktech #startup#beyonce #queenbee