Madonna is an American recording artist and entertainer with a net worth of $850 million. Often cited as an influence by other artists, Madonna pushes the boundaries with her music, songwriting, visuals, and style.
Early Life and Career Beginnings
Madonna Louise Ciccone was born on August 16, 1958, in Bay City, Michigan. After moving with her family to Rochester Hills, Michigan, she studied dance at the University of Michigan, even earning a dance scholarship. In 1978, she dropped out of college and moved to New York City to pursue her dance career. She signed a deal with Sire Records after forming and playing with various bands like “the Breakfast Club” and “Emmy.”.
A breakthrough and a musical career
The first two singles she released with Sire, “Everybody” (1982) and “Burning Up” (1983), became club hits in the US. With the release of her eponymous debut album in July 1983, her fame continued to grow, reaching number eight on the Billboard 200 chart six months later. “Like a Virgin” (November 1984) was her first number one album, and was the first female album to sell more than five million copies in the United States.
Over the course of her career, she has released over ten studio albums, including “Like a Prayer” (1989), “Bedtime Stories” (1994), “American Life” (2003), “Hard Candy” (2008), “Rebel Heart” (2015), and “Madame X” (2019). In 2008, Madonna was inducted into the Rock and Roll Hall of Fame after selling more than 300 million records worldwide.
Salaries for film
In 1985, Madonna earned $80,000 for her single “Desperately Seeking Susan”. In the following year, she was paid $1 million to star opposite her husband at the time, Sean Penn. In today’s dollars, earning $1 million is equivalent to earning approximately $2.3 million.
For the 1990 film “Dick Tracy”, she received a modest salary of $35,000. For “Body of Evidence”, she earned a career-high salary of $2.5 million PLUS a percentage of gross. Additionally, she negotiated to keep her entire wardrobe. Her critically acclaimed performance in “Evita” earned her $1 million in 1996.
Madonna is also an astute businesswoman. It was in 1992 that she founded the entertainment company Maverick, a joint venture between Time Warner and her that paid her an advance of $60 million as well as 20% of the royalties from the music publishing division. As one of the first products of her Maverick venture, her coffee table book “Sex” (1992) sold 1.5 million copies at $50 each over the first few days, despite controversy and a strong negative reaction from the public. She has also signed a contract with Callaway Arts & Entertainment to write five children’s books. A first book, entitled “The English Roses,” was published in September 2003. Warner Music acquired Madonna’s shares of Maverick in 2004 and made it a wholly owned subsidiary.
Madonna gave birth to her daughter in October 1996, although her relationship with fitness trainer Carlos Leon ended in May 1997. In 1998, she met director Guy Ritchie, and in August 2000, she gave birth to their son. Madonna adopted her son David from Malawi in 2006. Madonna and Ritchie were married in December 2000 and eventually divorced in 2008. Ritchie received between £50-60 million ($66.67-80 million) as part of their divorce settlement, which included their London pub and residence, as well as their Wiltshire estate in England. Madonna adopted twin sisters from Malawi in February 2017.
Does Madonna have a billion-dollar net worth?
Madonna is not a billionaire, contrary to popular belief. Madonna’s MDNA tour grossed $300 million in 2013, but a little-known fan blog misinterpreted this to mean that Madonna herself was $300 million richer and therefore a billionaire. She had a net worth of $650 million at the time. To begin with, even if Madonna made $300 million, after taxes, she would only be worth $950 million, which is not quite a billionaire.
Additionally, the claim that $300 million in gross concert revenue corresponds to a net increase of $300 million in her personal wealth is grossly inaccurate. It is important to note that the $300 million figure refers to gross revenue, which means revenue before costs are deducted. Madonna is fortunate to receive 10-20% of her tour’s profits after all expenses have been deducted. Still, that would be a very nice income, but nowhere near $300 million. This false rumor was spread by many reputable media outlets by snowballing the story across hundreds of websites, magazines, and newspapers as fact.
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