Jay-Z exploits trend in currency exchange, banks on Euros
Rob Creekmore
Issue date: 11/19/07 Section: Features
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Previously known for his profound commentary on socio-economic inequality, criminal justice, and posh materialism, the recording executive, Grammy winner, and distinguished poet Shawn (Jay-Z) Carter has broken ground with his latest work, "American Gangster," with a foray into international finance.
President and CEO of Def Jam Records, Mr. Carter originally founded Roc-a-Fella Records, later acquired by Def Jam's parent company Universal. With the recent fall of the U.S. Dollar against multiple currencies including the Euro, Mr. Carter is literally placing his career on the line, publicly betting that the U.S. dollar will continue to fall. He emphasizes his financial perspective in the video for his piece, "Blue Magic," in which he drives a Rolls Royce convertible through a surreal Times Square nightscape and counts several stacks of 500 Euros before placing them back into his Euro-stuffed briefcase.
When asked to comment on Jay-Z's latest video, our resident industry expert Hyun-Soo Ahn, Assistant Professor of Operations and Management Science at the Ross School of Business, responded, "I guess you are referring to Jay-Z flashing Euros, not dollars. Gisele Bundchen (Brady's girl friend [sic]) and Warren Buffet are asking their fees in Euros as well. As we all know, they are great entrepreneurs and savvy business people who know the concept of supply and demand."
Recently interviewed by Charlie Rose, Mr. Carter declined to comment on the prominent placement of Euros in his latest work. Some critics have claimed that Jay-Z is encouraging "Euro envy," and may even be in cohorts with the European Central Bank, in an effort to promote the European currency through product placement. No one knows whether he is engaging in currency or credit default swaps in an attempt to arbitrage the currency trend.
What is certain is that Mr. Carter has had tremendous previous success with his product placement strategy by promoting everything from the Mercedes M3, to Platinum Zino cigars, to Cristal champagne, which he reportedly drank exclusively for several years. According to Agenda Inc., a brand strategy agency that tracks mentions in Billboard's top 20 songs, Cristal ranked No. 8 in 2005, behind brands such as Mercedes, Nike, Bentley, and Rolls Royce. After breaking off a cross-promotional deal with Cristal, Mr. Carter began promoting a new label, Armand de Brignac, which emerged two days after his new single, "Show Me What You Got," from "Kingdome Come," his previous album. Mr. Carter was presented with an ornate gold bottle in a silver briefcase after a day of exuberance in Monaco. According to BusinessWeek, the company has received over 500 serious inquiries since the video debuted.
Released on November 6th, American Gangster is Jay-Z's 10th number one album, with 425,000 copies sold in the first week alone, says Neislen SoundScan. Now tied with Elvis Presley for the most solo albums at the top, only The Beatles outrank Jay-Z with 19 number one albums, according to Billboard Magazine.
President and CEO of Def Jam Records, Mr. Carter originally founded Roc-a-Fella Records, later acquired by Def Jam's parent company Universal. With the recent fall of the U.S. Dollar against multiple currencies including the Euro, Mr. Carter is literally placing his career on the line, publicly betting that the U.S. dollar will continue to fall. He emphasizes his financial perspective in the video for his piece, "Blue Magic," in which he drives a Rolls Royce convertible through a surreal Times Square nightscape and counts several stacks of 500 Euros before placing them back into his Euro-stuffed briefcase.
When asked to comment on Jay-Z's latest video, our resident industry expert Hyun-Soo Ahn, Assistant Professor of Operations and Management Science at the Ross School of Business, responded, "I guess you are referring to Jay-Z flashing Euros, not dollars. Gisele Bundchen (Brady's girl friend [sic]) and Warren Buffet are asking their fees in Euros as well. As we all know, they are great entrepreneurs and savvy business people who know the concept of supply and demand."
Recently interviewed by Charlie Rose, Mr. Carter declined to comment on the prominent placement of Euros in his latest work. Some critics have claimed that Jay-Z is encouraging "Euro envy," and may even be in cohorts with the European Central Bank, in an effort to promote the European currency through product placement. No one knows whether he is engaging in currency or credit default swaps in an attempt to arbitrage the currency trend.
What is certain is that Mr. Carter has had tremendous previous success with his product placement strategy by promoting everything from the Mercedes M3, to Platinum Zino cigars, to Cristal champagne, which he reportedly drank exclusively for several years. According to Agenda Inc., a brand strategy agency that tracks mentions in Billboard's top 20 songs, Cristal ranked No. 8 in 2005, behind brands such as Mercedes, Nike, Bentley, and Rolls Royce. After breaking off a cross-promotional deal with Cristal, Mr. Carter began promoting a new label, Armand de Brignac, which emerged two days after his new single, "Show Me What You Got," from "Kingdome Come," his previous album. Mr. Carter was presented with an ornate gold bottle in a silver briefcase after a day of exuberance in Monaco. According to BusinessWeek, the company has received over 500 serious inquiries since the video debuted.
Released on November 6th, American Gangster is Jay-Z's 10th number one album, with 425,000 copies sold in the first week alone, says Neislen SoundScan. Now tied with Elvis Presley for the most solo albums at the top, only The Beatles outrank Jay-Z with 19 number one albums, according to Billboard Magazine.
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