Throughout the year, the nation’s largest all-digital bank and industry-leading financing business, Ally, partnered with BET to celebrate Hip Hop 50. Beyond highlighting artists, individuals, and events that helped shape the culture globally during its semi-centennial year, the collaboration also dived deep into hip-hop’s economics and business aspects. From the streets to the boardroom, the evolution of the culture and its economic impact is stronger than ever.
Ally and BET kicked things off in June throughThe Business of Hip Hop series, featuring interviews with Lyricist Lounge founder Anthony Marshall, journalist Kim Osorio, rapper Jim Jones, Britto Agency CEO Marvit Britto, and more. Britto mentioned how, in the early beginnings of hip-hop culture, artists were happy simply performing their craft because of the focus on creativity, the swagger, and the movement until it began generating high revenue.
“I started to awaken my clients to looking at the fact that we needed to have a more prominent role in the economics of hip-hop,” said Britto before continuing. “Right into how they would profit and participate from their craft and from their artistry.”
Artists within hip-hop have spent the past several decades cultivating partnerships with brands to create bigger opportunities for themselves. Examples include landmark fashion deals like Foxy Brown with Calvin Klein and Tupac, Notorious B.I.G., and Snoop collaborating for St. Ides commercials.
“Hip-hop has invaded all advertisements,” said Jim Jones. “We are the number one money-making genre in the business. There’s nothing that we don’t do.”
Now, hip hop’s entrepreneurial spirit is brighter than ever. There wasn’t a better example than the second episode of The Business of Hip Hop with emcee and multi-hyphenate business owner Jadakiss. Besides a successful music career as a member of The LOX and solo artist, Jadakiss has had his hands in many money-generating avenues. This includes opening two juice bars in New York with Styles P of The LOX in Juices For Life, alongside coffee-focused Kiss Café with his father, Bob Phillips, and son, Jaewon Phillips.
“As I approached retirement age, it’s something I wanted to leave for the next generation,” said Jadakiss’ dad, Bob Phillips. “I love coffee and I love what it’s all about and I would love to pass it on.”
During the BET AwardsRed Carpet last June, Jadakiss, alongside his father and son, further explained why Kiss Café represents a new age of hip-hop and business.
“Everything involved in the world needs the hip hop culture to push it forward,” explained Jadakiss, who will close out the partnership with Ally during the upcoming BET Hip Hop Awards later this year, where he’s introducing this episode of The Business of Hip Hop. “So you see food commercials, car commercials, everything. They need us to boost them up so it’s a beautiful thing.”
Whether in the company of friends or family, collaborations within our society have always acted as a means to unlock greater prospects for artists such as Jadakiss. Financial institutions like Ally aspire to advance this objective as the premier digital financial service, offering an array of consumer and commercial banking solutions and online investment and wealth management services. Ally profoundly emphasizes diversity, equity, and inclusion in its core values as it strives to create pathways for economic success for the African-American community consistently.
This commitment entails a concerted effort to enhance financial literacy and economic mobility, thereby facilitating financial stability and self-sufficiency for all communities, positioning itself as a pioneer among online-only banks. Initiatives like Moguls in the Making, Fintropolis, and collaborations with United Masters and Earn Your Leisure represent additional facets of our inclusive ethos.