New York, September 6, 2024 (Yes Punjab News)
Selena Gomez, the multi-talented actress, singer, and entrepreneur, has officially become a billionaire. The 32-year-old star has been recognized as one of the youngest self-made billionaires in the United States, with her net worth now estimated at $1.3 billion, according to Bloomberg.
The Rise of a Billionaire
Gomez’s journey to billionaire status is a testament to her diverse career and smart investments. While she has earned significant income from her acting roles and music career, the “Only Murders in the Building” star owes the “vast bulk” of her wealth to her beauty brand, Rare Beauty. Launched just five years ago, Rare Beauty has become a favorite among influencers and teenagers, solidifying Gomez’s place in the competitive beauty industry.
The Power of Rare Beauty and Strategic Investments
Bloomberg’s assessment of Gomez’s wealth includes the estimated value of her stake in Rare Beauty, which has rapidly grown in popularity since its inception. Additionally, her financial success is bolstered by her involvement in the mental health platform Wondermind, as well as her earnings from music, acting, and lucrative brand partnerships. These include high-profile endorsements with global brands like Puma and Coach, which have earned her $30 million and $10 million, respectively.
Dominating Social Media and the Beauty Industry
Gomez’s massive online presence plays a crucial role in her financial success. With 424 million Instagram followers, she is the third most followed person on the platform, just behind soccer legends Cristiano Ronaldo and Lionel Messi.
This immense following has not only helped her secure major endorsement deals but has also propelled her Rare Beauty brand into the spotlight, placing it alongside other celebrity-driven beauty lines like those of Rihanna and the Kardashians.
Moreover, reports suggest that Gomez has been in discussions with investors to secure a $2 billion valuation for Rare Beauty, further cementing its status as a dominant player in the industry.
Other Revenue Streams
Beyond her beauty empire, Gomez continues to earn from her role in Hulu’s hit series “Only Murders in the Building,” which has been renewed for a fifth season. According to Bloomberg, she makes $6 million per season from the show. Additionally, she benefits from music royalties, adding another layer to her impressive financial portfolio.
Finally a Billionaire!
Selena Gomez’s ascent to billionaire status is a reflection of her hard work, strategic investments, and strong personal brand. As she continues to expand her ventures, her influence in both the entertainment and business worlds is set to grow even further.
