Tones And I and Vance Joy make it onto the ‘Young Rich List’ of Australians under 40

Must Read

The Australian Financial Review has announced its 2022 ‘Young Rich List’, and Tones And I and Vance Joy are included.

The list, which was released by AFR (October 27), collates Australia’s wealthiest people under the age of 40. The publication reported that both Tones And I and Vance Joy earned much of their fortune from their respective music catalogues, with Tones garnering the bulk of her estimated $35million net worth from her 2019 smash hit, ‘Dance Monkey’.

Vance Joy’s estimated net worth of $40 million primarily comes from his three-album discography, which includes the 2013 global hit ‘Riptide’ and this year’s LP ‘In Our Own Sweet Time.’ In addition to Vance Joy, another music figure who landed on the ‘Young Rich List’ was Jaddan Comerford, the co-founder of UNIFIED Music Group.

In an interview with AFR, Comerford credited the presence of musicians on the list to “the rise in streaming services, live acts and merchandising,” which have made the music industry “more viable than ever.” The Australian company – which works with Joy and artists such as Client Liaison and Boy & Bear, is predicted to bring in $30 million this year.

Comerford said, “Though the music industry might not seem to be doing well because of lockdowns and piracy, money is always being generated; it’s just coming through different channels.”

Later in the report, AFR revealed how streaming royalties impacted Tones and Joy’s valuation. Because they wrote most of their biggest songs, the pair could receive payouts primarily for themselves.

Anticipating that fellow Australian musician Tame Impala would soon join him on future ‘Young Rich Lists’, AFR noted that the streaming payouts for his biggest hit – ‘The Less I Know The Better’ – continue to grow. Troye Sivan, The Kid Laroi and Flume were named as potential list contenders shortly, despite their royalties being shared among co-writers.

- Advertisement -spot_img
Latest News
- Advertisement -spot_img

More Articles Like This

- Advertisement -spot_img