It may have been a lucrative year for rapper turned mogul, Jay Z, but unfortunately his likeability suffered at the same time. According to a survey of more than 1,000 millennials reported by Business Insider, some of Jay Z’s major
business deals this year proved unfavorable.
The Barclays Center in Brooklyn was one of Jay’s most visible business deals with him holding a one percent stake in the venture. As the face of the edifice, his image was used to promote construction in the borough he grew up in; consequently the native surrounding community suffered. And the affordable housing promised to the locals is yet to happen.
That was just one blow to his brand, according to Jeetendr Sehdev, celebrity branding expert and the researcher behind the survey. “Millennials questions his approach to loyalty, whether it be to a business deal or his fans,” Sehdev said. “His motivations to just make money can be viewed by this audience as self-centered, even if they may be business savvy.”
In addition to Barclays, the rapper also released “Magna Carta Holy Grail” that instantly went double platinum after Samsung gave away one million copies as a part their $20 million deal. According to Shehdev, Jay Z’s partnership with Samsung was the second least popular celebrity marketing deal of 2013 among consumers aged 13-31 (Justin Bieber’s partnership with OPI was the most hated). He was also criticized for mentioning “eight different luxury brands more than 20 times.”
And his most recent deal with Barneys.. well you know how that went south.
In a time when social media is king and transparency is a brand within itself, it’s interesting to hear that Jay Z is popular but not seen as authentic. While Sehdev does suggest Jay do more philanthropic work and more meaningful partnerships, we wonder if there’s really anything wrong with his decisions.