Thursday, February 5, 2015

Economics of Kanye West

By Tommy La Mere
Kanye West Collage.jpg
It’s widely known that Kanye West considers himself to be one of the impactful people in the world today even going as far to call himself “the most impactful artist of our generation”. It will be hard to disagree with Kanye if 2015 is as big a year for the rapper/fashion designer as many, myself included, are expecting. With the release of a new album and working with the Adidas brand to create a clothing line and 3rd edtion of his personal shoe the yeezy 3. Kanye Omari West will have a larger economic impact in 2015 than any other musician this generation due to his innovation to also work in the fashion industry.
When you think of Kanye West you think of the music he has created and for good reason. Kanye is widely considered to be one of the greatest musicians of the 21st century. Creating all time great albums like My Beautiful Dark Twisted Fantasy, The College Dropout, Yeezus, and Late Registration. Kanye West is best known for his music but his true passion is fashion. In 2015 Kanye is expected to release highly anticipated album along with a new clothing line and his personal shoe the yeezy 3 with the Adidas brand. The Rapper turned business man and fashion designer has been working to create his own clothing line for the past few years. His frustrations were keep hidden until November 26th of 2013 when Kanye was doing an interview with radio show host Sway Calloway. Kanye was discussing his shoes the yeezy red Octobers and his attempt to start a clothing line Kanye was getting visibly frustrated talking about the struggle for a musician to get respect in the fashion industry. The Louis Vuitton don (as he has been referred too for his appreciation of the brand Louis Vuitton) lost his temper at that point during the interview going on an epic rant for the ages that will live on forever due to youtube. Kanye claims that the clothing brand Nike offered him a contract to create content but Kanye declined the offer because he felt the contract had too many restrictions that were going to marginalize his ability to create his best possible content. Its worth noting that Mr. West worked with Nike to create the yeezy 1 and 2 but the world is anxiously awaiting the release of the yeezy 3. Although this time Kanye has partnered with Nike rival Adidas to create his signature shoe. Kanye accepted a contract with the Adidas brand that he believes will give him more artistic leeway and allow him to create content in his own artistic vision.
It’s a lot of work to create both music and run a fashion line and for that reason fans of Kanye’s music may be disappointed to hear that the artist is being faced with a trade off. Stop creating music at his current rate or altogether to pursue his true passion of fashion. With this album and possibly a tour being Kanye’s last ever it’s added a new level of scarcity for fans of Mr. West’s musical talents. It’s not like Kanye’s music has even been facing a decline in fact his most recent album Yeezus was ranked #2 on the rolling stones top 50 albums of 2013. However if this does turn out to be Mr. West last call one thing is certain the world will be watching and should appreciate this once in a generational talent while he is still around.

"Kanye West and Sway Talk Without Boundaries: Raw and Real on Sway in the Morning." YouTube. YouTube. Web. 3 Feb. 2015. <https://www.youtube.com/watch?v=S78tT_YxF_c>.
Staff, Ter. "Adidas Yeezy 3s Coming in November." The Early Registration. 5 Sept. 2014. Web. 3 Feb. 2015. <http://theearlyregistration.com/2014/09/05/adidas-yeezy-3s-coming-in-november/>.
Mardukas, Nate. "Adidas Yeezy 3 Release Date: Kanye West Reportedly Heads Out To China For Reproduction Of Highly Anticipated Kicks?" KpopStarz RSS. 3 Dec. 2014. Web. 3 Feb. 2015. <http://www.kpopstarz.com/articles/145932/20141203/adidas-yeezy-3-release-date.htm>.
"Kanye West, 'Yeezus' - 50 Best Albums of 2013." Rolling Stone. Web. 3 Feb. 2015. <http://www.rollingstone.com/music/lists/50-best-albums-of-2013-20131202/kanye-west-yeezus-19691231>.

55 comments:

  1. I never knew that Kanye was so interested in fashion, but I think if he is faced with this trade off that he should just stick to music. His music is what he’s famous for, and there’s a reason for that. Many people who are fans of his music aren’t big into fashion so I don’t think he’d get nearly as much support in the fashion industry. He can also still primarily be a rapper while being a fashion icon on the side. I think that Kanye can be interested in fashion and do his thing with that whole industry, but his main focus should be music because that’s what people like about him.

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  2. I never new that he wanted to design clothes until now, I always thought that he was just a musician but I guess if that is what he wants to do then I think that he should just go for it and just follow his dreams. Everyone has something that they really love and enjoy doing but can't really tell the world about it because they think that other people will judge them for who they truly want to be.

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  3. When I think about a male and female singer that would have the most impact on the economy, I think of Kanye and Beyonce so I think this is perfect. I however was not aware of how much work went into the shoes he makes, I thought he did more with other clothing but didn't know what companies he worked with. Which triggers the question...how is Nike effecting the economy? If Kanye is thriving with his Nike shoes, don't they have some part in this too, and what is it? Just something I thought about. Great article!

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  4. This would definitely be a big life decision that could make or break his career. He will have to see which would would give him the best outcome. I personally feel like he could do better in the music industry due to the tours and new albums that can rack in the money. I am not sure if his “personal decisions” based on what company to go with was actually for money or for his ego. Either way Kanye West will probably make his decision based or popularity he could possibly gain. I think there is a possibility he could do both if he focused more on the music and had other people help him with the fashion.

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  5. You did a great job giving background information on Kanye West and the brand he has created for himself. Yes, he has had to have a trade off from music to clothing, but it has given him a lot of benefit. Giving more focus to his clothing lines has great opportunity cost. However I don't think this has caused his fans scarcity because his talent is just more focused now on fashion.

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  6. Brad Jakubowski -
    It can't be denied that Kanye has become a very well known artist throughout the globe, I was relatively surprised to find that Kanye was starting his own clothing line, but if I may, would you really suggest that Kanye would be the most ideal person to lead his shoe line, he may be the designer but as for spokesman, Kanye is commonly referred to as one of the most controversial celebrities of all time. This can also be furthered by the harsh language used in Kanye's songs, if a young child asked his parents to buy the yeezy 3 and said that Kanye West made it, the parents may look into Kanye's previous records of both clothing as well as music. I do feel that if a parent were to hear the more harsh and/or offensive lyrics of many Kanye songs the parents may have a problem with their child listening to as well as sponsoring Kanye by wearing his merchandise. Finally, this is also more of a personal belief, but does Kanye really need to start a clothing line? I understand that it's to help him fulfill his dream of being a designer, but why is he choosing to do it now when he is at the peak of his musical career? I feel as though this is just a well thought out marketing scheme to obtain even more revenue from the consumers so that Kanye as well as the companies that are already sponsoring him to simply make a few more million dollars.

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  7. Brad Jakubowski -
    It can't be denied that Kanye has become a very well known artist throughout the globe, I was relatively surprised to find that Kanye was starting his own clothing line, but if I may, would you really suggest that Kanye would be the most ideal person to lead his shoe line, he may be the designer but as for spokesman, Kanye is commonly referred to as one of the most controversial celebrities of all time. This can also be furthered by the harsh language used in Kanye's songs, if a young child asked his parents to buy the yeezy 3 and said that Kanye West made it, the parents may look into Kanye's previous records of both clothing as well as music. I do feel that if a parent were to hear the more harsh and/or offensive lyrics of many Kanye songs the parents may have a problem with their child listening to as well as sponsoring Kanye by wearing his merchandise. Finally, this is also more of a personal belief, but does Kanye really need to start a clothing line? I understand that it's to help him fulfill his dream of being a designer, but why is he choosing to do it now when he is at the peak of his musical career? I feel as though this is just a well thought out marketing scheme to obtain even more revenue from the consumers so that Kanye as well as the companies that are already sponsoring him to simply make a few more million dollars.

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  8. Since Kanye is releasing his new shoes from a different company than he originally started with it could be economically good not only for him but for adidas as well. Because Kanye is switching to another company it could bring his huge fan base with him. For adidas this is great as it is now a new source of revenue and and a new way to endorse their products.

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  9. It seems that the trade off Kanye West is making doesn't seem to fit. As the contract he is getting might not last, due to the decreasing trend in his music. With this decrease there will be less contracts available for him, leaving this trade off to have a greater loss than gain. In my opinion I think this is a poor choices but may Mr.West had a different thought on the situation entirely.

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  10. Since Kanye is releasing his new shoes from a different company than he originally started with it could be economically good not only for him but for adidas as well. Because Kanye is switching to another company it could bring his huge fan base with him. For adidas this is great as it is now a new source of revenue and and a new way to endorse their products.

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  11. I think that he should focus more on music than his line of clothes and shoes because he is known for his singing and profits more from concerts and shirts, etc. about him. His shoes will profit a ton as well but the marginal cost will be more because it is more effort to create the shoes and spend time pricing and getting sponsors, whereas singing all he has to do is sing his songs. Both things will be a major hit for him however I think he is more about his music!

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  12. Kanye West has made a huge name for himself throughout the last few years, but he is pretty full of himself claiming to be the the most impacting man. He has great music and great design, I was never aware he was into making his own brand, doesnt really surprise me though. To stay know in society you have to constantly be coming out with new things. His new album and new clothing line will bring even more fame to his name.

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  13. I honestly don’t see Kanye as a guy obsessed with fashion. All he ever wears is a white shirt with jeans. He might be obsessed with shoes, but, in my opinion, fashion doesn’t just involve shoes, but the whole outfit put together. Also, I agree with Ali. Kanye should never stop making music. He’s known for his music, and he’s good at it. Why would you quit on a talent you already have, to maybe do well in a different industry? That’s pointless.
    Overall, your piece was very nicely written. Good job!

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    1. Yeah you right the man voted best dressed in the world doesn't know how to dress

      http://www.details.com/fashion-style/style-tips/201412/best-dressed-men-2014?slide=3#/slide=3

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  14. I agree with your comment about how Kanye West is being faced with a trade-off. As you pointed out, he has to choose to either create more music or continue to make it in the fashion industry. Personally, I think Kanye should take a break from expanding his fashion line & focus on music. If this upcoming album/tour is really his last, he should primarily focus on making it revolutionary. He can always go back & work on his fashion line later as he ages. It's an opportunity cost he probably doesn't want to make, but it's something that he needs to be willing to sacrifice in order to create better opportunities for his music career. Based on the impact of his previous tracks, I'd say he should definitely just take a break & finish off his music career strong. Plus, his final tour/music would bring in a ton of money for the rapper & his wife, Kim Kardashian. If he wants to keep his marriage strong, it would be wise for him to make that extra money through his music, considering his wife doesn't possess any real talents that could support their family. All that plastic surgery & expensive taste won't pay for itself, after all.

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  15. I feel like your basis that Kanye is the best of our generation is more from your own opinion, rather than the opinion of everyone. Kanye definitely has some good songs but in all honestly I am just now hearing about his clothing line, let alone pining over his next shoe. Plus everybody has a clothing or perfume line nowadays, its not like he's some sort of great innovator or something. Kanye has some good songs, my personal favorite being black skinhead, but to say he is the musical mind of our generation is just absurd without some sort of facts to back it up.

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    1. While it is truly hard to show which bands and artists are the most influential without transporting into the future in order to see how one group or single person has changed the landscape of a specific genre or the ideology of music as a whole, there have been specific organizations like the Grammy's and Pitchfork magazine that have sung the praises of Kanye for his way of creating thematic and elegant concept albums. Certainly if you only skim the surface of the what Kanye songs they play on the radio, they may seem a bit cheesy or somewhat repetitive. But it is the act of searching and actively listening to Kanye's albums, you begin to realize a lot of the social commentary Kanye has to offer. Whether it be the screwed up economics of college in "The College Drop Out" and "Late Registration" or the surviving strands of racism found in "Yeezus", Kanye tries to add some higher thinking to his sick beats. That being said, Kanye needs to visualize the production curve he his setting himself up for by dipping his feet in both the world of fashion and music and truly decide whether or not he should focus on new clothes or a new album.

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    2. The article wasn't meant to discus Ye's music it's more about his overall impact on the economy. If i had to argue that Kanye's music is the best it wouldn't be as absurd as you might think. Kanye is at a major disadvantage for the lack time his music is played on the radio. If you listen to each individual album and song you will find your list of Kanye songs increase not just a little bit but exponentially over time right now you may have 3 you like if you listened to some of his earlier work you will like well over 30 songs by the end!

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  16. I think it's interesting that Kanye West was able to take his musical career and make it into a fashion brand because his consumers, people who like rap for his music and his other market of people who like high fashion and luxury clothes probably don't overlap all that much. It just seems like two totally separate types of people, but maybe I'm just being stereotypical. For the same reason, it;s interesting that he turned down a chance to contract with Nike, a brand that appeals more to the younger, probably more athletic crowd who traditionally listens the type of music he makes.

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  17. I really like the topic you chose for this post. I had no idea that Kanye was releasing a clothing line and had his own shoes. If faced with a trade off between fashion and music I believe that he should stick with his music. By collaborating with Nike to produce his shoes I think that this is and will continue to be a very profitable system. Nike's popularity paired with Kanye's will most likely end in success.

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  18. Kanye knows how to keep up. More and more I'm seeing rappers getting into other businesses. This will bring a ton of money to him. It's cool to see that he actually turned down a giant shoe company like Nike because they weren't doing him justice. Give him credit for standing for himself and picking the company that fit him better. I wonder how the future holds for him trying to balance music and fashion. I wouldn't be surprised if he tried to make it in other fields also.

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  19. I never knew that about Kanye West. I think that the fashion line is a good idea for business for him. While it is a trade-off temporarily, it will probably pay off for him in the end. There is probably a large crowd that may not be interested in Kanye's music, but they may like his fashion line and vice versa. I would like to a little more about the economics of Kanye: approximately how much does he make, and how much is that expected to grow with the fashion line? How much will it cost him to make the fashion line?

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  20. Good job including a lot of background information about Kanye West. I like many others agree that he should continue just making music rather than going into the fashion business at this time. Although if he would to go into the fashion business he would probably be successful just because his music followers would buy things to support him that way. I just don't see the rush, why all of a sudden does he need to launch this fashion line? There is plenty of time to do that down the road.

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  21. I thought that this was a really interesting topic, about the difficulty of having two very different careers. Also with Kanye saying that he has a lot of impact on others, I think with his clothing line he will get a lot of customers because he has that impact. Also this concept could be looked at as an opportunity cost because it is looking to do more fashion that music therefore the next best option for him was him music. Overall I really liked this blog post and thought it was interesting.

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  22. I thought this article did a good job explaining who Kanye West was as a person and his other interests besides music, which I did not know about. I would have done the same thing as Kanye when he felt that his design choices were limited with Nike, so he went to Adidas because if I was going to pursue another passion, I would want it to be exactly how I envisioned it. Kanye believes this trade-off will benefit him in the long run, even though he is making sacrifices. I have a feeling that his music fans will also be interested in his clothes and shoes because they like quality of the music he is making. Great article!

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  23. This was a very unique topic that you chose. I like the fact that you gave in depth information about the clothing line and shoes that related back to the economic unit. You could also talk about the opportunity costs of choices that he is making. The trade-off that he is making will be one of the decisions that he will probably never regret since his popularity has skyrocketed and he will have a much higher economic status. While reading this, I began to wonder how much is Kanye making from his music? I also wonder how much time it will take him or is projected to take him to make the clothing line?

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    1. "I began to wonder how much is Kanye making from his music? I also wonder how much time it will take him or is projected to take him to make the clothing line?"
      Thats a very interesting and something that I would love to know as well!

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  24. Overall I thought the idea behind the article was very intriguing. Kanye has had an impact on music. Through his success he has be able expand his market to fashion. His consumers have made this possible and strengthened both markets. I found it interesting that he dropped Nike and went to Adidas. The trade off must have been worth it to Kanye by having the marginal gains out way the marginal costs. Also by 2015 being potentially his last year of music that makes consumers be an all time high.

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  25. This was an interesting read and I liked the topic choice. I would never have thought to write about Kanye West, but you did an awesome job explaining enough that an individual who knew nothing would understand what you were talking about. I had no idea that he was so interested in fashion, I thought music was what he loved. A few more pictures or charts would have enhanced your blog post, but overall I liked the post and you did a good job explaining what Kanye is feeling and tying his life into economics.

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  26. Honestly, I've only known Kayne for his music so I thought it was interesting to read about his desire to make a clothing line. However, if he's really passionate about this I don't think he should have signed a contract with Adidas. He is not only limiting himself to Adidas but now he can only make shoes. He should focus on starting his own business and then he can exercise his full creativity.

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  27. It's interesting that you tied Kanye to the economy. I personally think that his music is trash, though. If he is serious about starting a clothing line he could have easily done it without signing a contract with any company because of the fact that he has so much money, Signing with Adidas is just putting restrictions on himself. He has tons of money and he could have easily started his own brand if he wanted to.

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    Replies
    1. "Kanye West and Sway Talk Without Boundaries: Raw and Real on Sway in the Morning." YouTube. YouTube. Web. 3 Feb. 2015. .

      This link should provide more insight for why he can't start his own clothing line and why he needs the help of Adidas

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    2. I think you got dropped on your head multiple times Noah.

      Delete
  28. Agreed 100%. YEEZUS Season Approaching.

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    1. YEEZUS JUST ROSE AGAIN!

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    2. I know he the most high
      But I am a close high
      Mi casa, su casa
      That's that cosa nostra
      I am a god

      Delete
  29. It’s interesting that Kanye is interested in fashion such a great deal. I never would’ve guessed that he would be making his own clothing and shoe line. Perhaps if he’s having trouble focusing on his music and clothing line at the same time, he could make a compromise. For example, he could focus one year solely on his music and another year solely on his fashion career. Then, maybe he would churn out better content and be able to still satisfy customers.

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  30. Kanye should try to balance his work in music and fashion. If he drops rapping altogether, his fans will only be able to buy new clothes from him (which would probably be really expensive). If he does quit music though, the stuff he has released will always be remembered as great rap.

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  31. I agree Kanye is one of the best rappers. But personally he should stay with his music career considering it might not be economically sound to be investing in a clothing line especially if it is difficult for most rappers to make a clothing line I understand he has a lot of money but who knows what can happen, but in the end overall I like your topic and this piece

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    1. He does what he wants, and handles it just fine. He's a god.

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  32. I believe Kanye West is so far into his career to go from arguably one of the best rappers of the 90's - early 2000's to a now self claimed fashion guru. I also think Kanye West's time in the spotlight is relatively over, his last album was so highly anticipated but was a huge let down to a lot of people. So I wouldn't expect much from his upcoming album, also from what I've seen: Kanye West is selling a simple plain white T for well over a hundred dollars. Not too many people have that kind of money to purchase luxury items such as that, when they can get practically the same thing far more cheaper.

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    1. Yeezus was not a let down, it was music of the future. No one gives it a chance.

      Delete
  33. I thought that this was an interesting topic to read about. I think that you gave depth of thought for your answers and it made a lot of sense. I think that if he has a demand for the clothing than he should go with it. He should go after whatever he has more of a demand for. It will be hard to pick, but its important that you make the might choice and you go with what the people want. This was a good topic to learn about and how much it really is impacted by the people. All his choices will be impacted by the people.

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  34. I thought it was interesting how you incorporated scarcity and trade offs; normally I just think of actual products but I like how you did that. Also, I never really knew that Kanye had such an impact in the business world with his shoes and clothing. Most people probably didn't know about that and I like this topic because Kanye West is well-known public figure but now they know more they wouldn't have otherwise.

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  35. Personally Kanye isn't one of the best artist but I see how his type of music is high up in the charts. He is very marketable and now that he has a Kardashian his profits of music and maybe even close will go up. The problem I am having with this is that his opportunity cost of focusing on more clothes means. That his fans will suffer and so will his music. While he makes clothes he can't make music. The opportunity cost of making music is not being able to follow his dream. Personally I think He should make music because he is not disappointing so many people in the process and clothes can always come later. He has fans that adore him and making his music a scarce resource wouldn't be wise for his future or career.

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  36. It is interesting how the rapper felt so stressed, because he is a million dollar rapper who also has a million dollar wife. Also, he has had success in the fashion industry with his sneakers. There are many other singers that have successfully created a line of clothing, I think Kanye might be a little too full of himself and that’s what’s causing the fashion industry to be difficult for him. I like how at the end you brought everything together and even added some vocab words in there.

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    Replies
    1. Kanye is not to full of himself he is stressed because he has already lost 13 million dollars trying to start a clothing line. That might make someone a little frustrated

      Delete
  37. Kanye should try to balance his work in music and fashion. If he drops rapping altogether, his fans will only be able to buy new clothes from him (which would probably be really expensive). If he does quit music though, the stuff he has released will always be remembered as great rap.

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  38. It's interesting to see how Kanye West has developed his artistic career from musician to a fashion designer. We all know Kanye from his electrifying music throughout the years and his unique style from other rappers. As it was mentioned, Kanye is faced with a trade off whether or not to further pursue music or to dedicate his time and mind to his passion for fashion. It will be interesting to see what this young star will decide to do, and either way fans will be thrilled and/or disappointed.

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  39. I believe Kanye West is so far into his career to go from arguably one of the best rappers of the 90's - early 2000's to a now self claimed fashion guru. I also think Kanye West's time in the spotlight is relatively over, his last album was so highly anticipated but was a huge let down to a lot of people. So I wouldn't expect much from his upcoming album, also from what I've seen: Kanye West is selling a simple plain white T for well over a hundred dollars. Not too many people have that kind of money to purchase luxury items such as that, when they can get practically the same thing far more cheaper.

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  40. I didn't know Kanye was trying to start a clothing line of his own because I thought he was just a musician so that was really interesting. When Nike offered a contract for his shoe he declined it because he thought it was too limiting so he went with Adidas's contract. Knowing how famous Kanye is he has enough money to start his own clothing business that I think he should of included his shoes in as well, that way his only limitations are to the business he created and not to another business' contract. Knowing how famous he is there is no doubt in my mind that the majority of people who love him will buy and wear his clothes if he starts his own business.

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  41. It's very interesting how you related economics to Kanye. He certainly is a very impact person in our generation, for better or for worse. The young rapper does has some trade offs to make, and both of them have their opportunity costs as well. If he wishes to continue to make music, he may only keep making money at his current rate and have to give up his pursuit of fashion excellence. Although if he goes after his dream of making clothes, he could become even more rich and even more famous; but then again his clothes may not work out and he could bust. There's also the marginal benefit that he could think about if he continued to try and do both things at once. He would then have alright music and alright clothes; or he could hire writers to write his music and designers to make his clothes and just stamp his name on the final product. Either way Kanye has a lot to think about, and his fans will be in high demand of both his music, and his clothes for years to come. It will be interesting to see how it all plays out.

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  42. I think this was a cool topic to write about especially because Kanye is very in the limelight right now for his fashion business and his music. I think they both are essential to who he is and I don't necessarily think he will need to pick one or the other. He definitely has made a huge impact on the economy with these two businesses and I think his wife Kim Kardashian West has played a huge role in that lately. She has blown up social media with information about him and their family so I think his marriage has made him even more famous and more people are looking up to him. With this extra attention I am sure he will be able to balance both music and fashion and I predict that in the future he will take the fashion industry by storm and many will consume his products.

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