In music, especially, we hear of "one hit wonders", those people who seem to come from nowhere, and suddenly every time you switch on the radio you hear their songs. Does anyone remember "The Pina Colada" song, and what ever happened to Rupert Holmes anyway? One hit wonders seem to be like shooting stars; they make a bright flash; then they're gone and forgotten. One such performer could have been James William, "Jimmy", Buffett who in 1977 had a hit song, "Margaritaville". Born on Christmas day, 1946 he grew up and was educated on the Gulf coast, Alabama and Mississippi. Buffett went to Nashville, Tennessee to make his mark as a country singer and recorded his first album in 1970. He continued to play for tips on the street, busking, frequently in New Orleans. While in Nashville he took a trip to Key West with singer-songwriter Jerry Jeff Walker to do some busking in the southernmost city of the country, and as they say, "The rest is history." There Buffett developed his musical style and defined a lifestyle as well. His music became known as "Gulf and Western", or country with a Caribbean flavor. The drinking, carousing, and partying on the beach in the tropics was depicted in many of his songs. A song on his fifth album, "Changes in Latitudes, Changes in Attitudes," had the hit single, "Margaritaville". This song pretty much summed up the Buffett lifestyle. He gathered fans in legions. His organized fans are called Parrotheads and have chapters all over the USA.
However, the life style depicted in Buffett's songs say nothing about the business skills of Jimmy Buffett. He has made a lot of money and continues to. His income is estimated at over $50 million per year. Not bad for a one hit wonder. Actual numbers are fairly difficult to find. His business ventures are under the umbrella company of Margaritaville Holdings, LLC, which is a privately held company. His income comes from a number of sources.
- Musicand other creative endeavors: His concerts and record sales. Concerts sell out and ticket prices are around $85 for the cheap seats. Last year's tour generated roughly $41 million.
He has cut back to 25 concerts per year. His record sales generate considerable income as well. Buffett owns his own record label, so instead of getting $1 per record he gets $5. He has made over 30 albums. Writing: He has produced three best sellers and co-authored two children's books. He has also written musical scores for movies and appeared in several movies in cameo roles. - Cheeseburger in Paradise restaurants, Margaritavilla Cafes, and Margaritaville stores generate another $16 million in income. Some restaurants are company owned, and others are licensed.
- There are Margaritaville food products, clothing, and Landshark Lager produced by Anhauser Busch. On the label of Landshark Lager is a picture of "the Hemisphere Dancer", Buffett's seaplane. Margaritaville Tequila and Rum are produced by Seagrams along with other alcoholic beverages.
- He owns part of two minor league baseball teams.
- Hotels and Casinos: Two casino projects are under construction, one in Biloxi, Mississippi, a $48 million project with Harrah's, and one in Atlantic City, New Jersey. He recently put his Margaritaville brand on a new 162-bed hotel in Pensacola, Florida.
- The NFL Dolphins Stadium, in Miami became Landshark Stadium in 2009. He never misses chance to promote his products.
- Always an opportunist, Buffet is attempting to copyright the name "Tiger's Milk" for a vodka offering. "Tiger's Milk" was a label Charlie Sheen used for a certain libation.
- His satellite radio station, Radio Margaritville, beams the music around the world.
- Margaritaville outdoor furniture is slated to appear in spring, 2011.
Will Jimmy Buffett retire? Not while he enjoys doing what he's doing, according to him. Will his financial empire continue to grow? Probably. After all, Jimmy Buffet's empire doesn't depend on hits.
Not bad for a one hit wonder.
Links:Jimmy Buffett 3 video
