Introduction
The subject of net worth has always been one of the most fascinating topics for people; especially for those who are interested in the lives of celebrities. With celebrities, there is always a bit of mystery as to how much they are really worth. In the case of New Edition, a well-known American R&B and pop group, the answer to their net worth is particularly intriguing. In 2017, their estimated net worth was estimated to be close to $30 million, making them one of the most financially successful musical groups in the world.
New Edition’s History
New Edition formed in 1978 and is composed of six original members – Ricky Bell, Michael Bivins, Bobby Brown, Ronnie DeVoe, Ralph Tresvant, and Johnny Gill. All of the members were teenagers at the time, ranging from 11 to 16 in age. The group was created in the Orchard Park Projects of Boston, Massachusetts and they were managed by Debra Antney and Brooke Payne.
Originally, New Edition started their career by performing on the talent show circuit and competing in local talent competitions. They gained their first mainstream success in 1983, when their debut album Candy Girl was released. It went on to be certified Gold and reached the top 10 on the US Billboard 200. This made New Edition the first contemporary R&B group to reach the Top 10 since The Jackson 5.
The Success Years
New Edition’s success continued with their follow up album All for Love, which was released in 1985. The album was a critical and commercial success, spawning the hit singles “Cool It Now” and “Mr. Telephone Man.” The success of this album helped them reach a large audience and make them a household name.
Their third album, Heartbreak, was also a commercial hit and reached number one on the Billboard 200. The success of Heartbreak made them the first teen pop act to sell more than two million albums. The album was a cultural phenomenon and became the soundtrack of millions of teenage lives.
The Solo Careers
After Heartbreak, the members of New Edition decided to pursue solo careers. Ricky Bell, Michael Bivins, and Ronnie DeVoe formed the group Bell Biv Devoe, while Bobby Brown and Ralph Tresvant both released solo albums. Johnny Gill would join New Edition as a sixth member in 1988, but would then focus on his own solo career.
The solo careers of the members of New Edition were wildly successful and generated a large amount of income. Bobby Brown’s solo album Don’t Be Cruel was a huge success and went on to be certified diamond, selling over 10 million copies. Similarly, Bell Biv DeVoe’s debut album Poison was also a hit, selling 4 million copies and spawning the hits “Poison” and “Do Me!”
Reuniting
After the members of New Edition embarked on their successful solo careers, they decided to reunite in 1996 for the gold selling album Home Again. The album was a success and spawned the hit single “Hit Me Off.” New Edition then embarked on an extensive reunion tour, and the tour was a success.
New Edition’s Net Worth
New Edition’s success in the music industry has allowed them to accumulate a large net worth. In 2017, their estimated net worth was $30 million. This makes them one of the most financially successful musical groups of all time.
Revenue Sources
So, how did New Edition accumulate such a large net worth? Well, it is mainly due to their music career. Their seven albums have all been certified either gold or platinum, and they have sold over 18 million albums worldwide. They have also earned a significant amount of income from their tours and live shows.
In addition, the members of New Edition have also earned a large amount of income from their solo projects. Bobby Brown is estimated to have earned $80 million from his solo career, while Ralph Tresvant is estimated to have earned $45 million. Ronnie DeVoe and Bell Biv DeVoe are estimated to have earned around $30 million, and Johnny Gill is estimated to have earned around $27 million.
Real Estate and Investments
New Edition has also invested part of their wealth in real estate and investments. For instance, Bobby Brown has invested in a number of properties, including a mansion in Georgia and a vacation home in California. Similarly, Ralph Tresvant has invested in a number of properties, including a $2 million home in Massachusetts. The other members of New Edition have also made smart investments in properties, stocks, and mutual funds.
Philanthropy
New Edition is also known to be generous when it comes to giving back to the community. They have been involved in a number of philanthropic activities, such as donating money to charities and hosting charity events. For instance, Bobby Brown has donated money to The American Cancer Society and the Boys & Girls Club of America. The other members of New Edition have also been involved in various philanthropic activities.
Conclusion
In conclusion, New Edition is a hugely successful musical group with an estimated net worth of $30 million. Their success is mainly due to their music career and their solo projects, as well as their smart investments in real estate and mutual funds. The members of New Edition are also generous individuals and have been involved in a number of philanthropic activities. All in all, New Edition is one of the most successful musical groups in the world.
I’m Kieran Walker, and I’m a Celebrity and Financial Expert. I live in Monaco, and I love helping people make the most of their money. Whether it’s through investments, or just making sure they’re getting the best deals on everything they buy, I want to help as many people as possible grow their wealth.
I’ve worked with some of the biggest names in the world when it comes to finance, and I’m always looking for new ways to help people save money. If there’s one thing I know, it’s that money can be a powerful tool – but only if you use it correctly.