The Rolling Stones' Hackney Diamonds brings the legendary group to the brink of becoming billionaires

While members of iconic British rock band The Rolling Stones were taking in the excitement of El Classico over the weekend, one might wonder if one eye was also on the streaming analytics of their new album, ‘Hackney Diamonds,’ after being the most ordered on Amazon for the past three weeks. Such has been the success of the album so far and the upcoming tour dates to promote the work, that music industry analysts are claiming that the group might very well be the latest entrants into the ‘Billionaire Musicians’ club. 

That The Rolling Stones and their decades of touring haven’t made the band billionaires yet is astonishing in itself, but in contrast to The Beatles or U2, Mick Jagger and company have yet to attain that amount of personal fortune the other two bands have experienced. For now, at least. The band initially faced financial setbacks due to their business dealings with Allen Klein, an American businessman who secured the copyright for the group's music recorded before 1971. This led to prolonged legal disputes and limited financial gains for the band members, and a portion of royalties from some of their renowned earlier works were not paid out to the band members.

Then, of course, the band encountered high tax rates in the UK, prompting them to become tax exiles by relocating to France and later to the United States. This move was influenced by Prince Rupert Loewenstein, who guided them in restructuring their financial affairs to minimise tax liabilities and optimise earnings. 

That guidance has now paid off, and the band who have yet to announce their 2024 ‘Hackney Diamonds’ tour schedule is expected to earn an estimated $2billion USD in revenue from their concerts, given the ticketing prices the hallowed band can command - as it stands, it is their revenue from performing live that makes up most of the band’s personal fortune. 

That’s not to say their recent endorsement deals haven’t helped; The Rolling Stones have secured numerous commercial deals with prominent brands such as Budweiser, LVMH, Chase Manhattan, DHL, Volkswagen, and Jeep. But a lot of their financial success lies in the hands of their manager, Joyce Smith. She began her career as a junior member of the Stones' legal team in the 1980s, working closely with Rupert Lowenstein, a financial expert associated with the band. Her involvement with the Stones increased during the 1990s when she assumed a larger role in managing their business affairs as their supervisory director at the law firm.

In 2010, Smyth officially took on the role of manager for the Rolling Stones after Lowenstein's retirement. Her initial responsibilities included planning the band's 50th-anniversary celebrations in 2012, which turned out to be a massive success. Since then, she has played a crucial role in coordinating the band's numerous successful tours and milestone events, such as their performances at the Glastonbury festival, their return to Hyde Park, and their historic concert in Havana, Cuba. Smyth has also been instrumental in managing the band's extensive music catalogue, which spans over 30 albums and 300 songs.

So while it is still hard to believe that The Rolling Stones aren’t billionaires, the operative word regarding the band is ‘yet’ - The Rolling Stones aren’t billionaires, yet.