According to the latest news from the media, according to Kanye’s friends, if he cannot properly handle the recent problems, then Kanye will be in financial crisis in the next few months.
Recently, Kanye was not only strongly condemned by celebrities from all walks of life due to his anti-Semitic remarks, but also was terminated by a number of companies and announced to cut off contacts. In recent years, Kanye’s main source of income is the cooperation project with Adidas and GAP. (Of course his music and concerts are also one of the sources of income)
It stands to reason that even if he encounters various company terminations, Kanye still has a rich family. But the reality is that Kanye’s ability to earn money is proportional to his ability to spend money, so once his income is cut off, his financial situation will have major problems.
Last week, Adidas announced that it was ending its partnership with Kanye, and it would stop producing Yeezy-branded products and stop all payments to Kanye and his company. This directly caused Kanye’s $1.5 billion assets to instantly vanish and fall out of the Forbes billionaire list. In addition, last month, GAP also announced the end of its cooperation with Kanye.
The concert that was supposed to be held on November 4th was also canceled due to this turmoil. Given the current situation, Kanye should not have the possibility to hold a concert in the near future.
As for new music, although industry sources revealed that Kanye has an album in the pipeline. But last week, Def Jam Records, a subsidiary of Universal Music Group, announced it was no longer working with Kanye. Even if this album can be released smoothly, but its popularity will certainly be greatly reduced.
Finally, there is the copyright fee, which Kanye earns about $5 million a year. In September, it was reported that Kanye’s team was trying to sell his music catalog for $135 million, but there didn’t seem to be much interest.
At present, although Kanye still has real estate, a 5% stake in Skims, a shapewear company with ex-wife Kim Kardashian, and more than $100 million in deposits. But Kanye revealed in 2016 that he has a personal debt of $54 million. The reason is his repeated attempts to launch a fashion brand, as well as his day-to-day profligacy.
What’s more terrible is that Kanye still has to face the division of divorce and property. His current situation can be described as embattled, and the huge Yeezy kingdom is likely to perish.