Why Do Rappers Make More Than Classical Musicians?

I have nothing against rap music; in fact I listen to it often, because my teenagers play every type of music in existence. I believe the reason some rappers get paid a tremendous amount more than classical musicians has nothing to do with their musical gifts, however. The classical musician’s talent and expertise may be more complex, but his skills are less coveted because the music he or she produces (although incredibly beautiful) is less desired by the masses.

The same theory applies to a businessperson’s pay. If you have a great deal of talent, intelligence and ideas that you deliver to the world, you should be paid for them. But incredible talent does not necessarily mean that people will line up to buy from you. Are you giving people a unique product or service that gets them interested and ultimately convinces them to buy?

I heard a very smart insurance executive say, “Price is only important in the absence of value.” This statement is so true! We will pay and pay for what we desire or derive great value from. But in order to continue delivering this great value, you must constantly check in to see if what is being offered is still valuable to current and potential buyers. In this fast-changing business world we need to innovate faster and more efficiently than ever.