If you watched the Meg & Harry doc, you may have been surprised to hear this name: @tylerperry
The man that offered his home to the pair has an incredible story of going from "poor as hell" to "billionaire"
How did he do it?
As Perry says, "ownership changes everything"
🧵...
The man that offered his home to the pair has an incredible story of going from "poor as hell" to "billionaire"
How did he do it?
As Perry says, "ownership changes everything"
🧵...
1/ Who is Tyler Perry?
You might recognize him in few films, but his on-screen performances are only a piece of the puzzle.
He built his empire as a screenwriter, director, equity-holder, author, real estate mogul... the list goes on.
And he's made sure to own every step.
You might recognize him in few films, but his on-screen performances are only a piece of the puzzle.
He built his empire as a screenwriter, director, equity-holder, author, real estate mogul... the list goes on.
And he's made sure to own every step.
2/ Tyler's net worth is $1B.
He's one of only ~3k billionaires and was listed by Forbes as "the highest-paid man in entertainment"
Comparative net worth:
- Taylor Swift: $365m
- DiCaprio: $260m
- Serena Williams: $225m
So how did he outperform these household names?
Ownership
He's one of only ~3k billionaires and was listed by Forbes as "the highest-paid man in entertainment"
Comparative net worth:
- Taylor Swift: $365m
- DiCaprio: $260m
- Serena Williams: $225m
So how did he outperform these household names?
Ownership
3/ As a kid, Tyler would watch his dad subcontract and make $800, while the owner sold it, netting $80k.
"I always knew that there was more power in the man that owned the house rather than the man actually working on building it. So I wanted to be the guy that owned the house."
"I always knew that there was more power in the man that owned the house rather than the man actually working on building it. So I wanted to be the guy that owned the house."
4/ As a highschool dropout, Perry hustled.
He'd use left-behind badges to sneak into events. He sold cars. He was a bill collector.
In his "spare time", he wrote scripts, eventually saving $12k, enough to rent space at an Atlanta community theater.
The first of many bets.
He'd use left-behind badges to sneak into events. He sold cars. He was a bill collector.
In his "spare time", he wrote scripts, eventually saving $12k, enough to rent space at an Atlanta community theater.
The first of many bets.
5/ He used the space to launch his play, "I Know I’ve Been Changed"
An overnight success? The opposite.
He struggled to pay rent and lived out of his car for months.
But, Tyler kept investing in his creation.
He sold the tickets. He designed the set. He even sold the snacks.
An overnight success? The opposite.
He struggled to pay rent and lived out of his car for months.
But, Tyler kept investing in his creation.
He sold the tickets. He designed the set. He even sold the snacks.
6/ He continued producing for a DECADE+
The same play first garnering an empty theater would be forced to upscale to the acclaimed Fox Theatre.
Before even touching TV or film, Perry sold $100m+ in theater tickets, $20m in merch, plus $30m in videos of plays, bc he owned them!
The same play first garnering an empty theater would be forced to upscale to the acclaimed Fox Theatre.
Before even touching TV or film, Perry sold $100m+ in theater tickets, $20m in merch, plus $30m in videos of plays, bc he owned them!
7/ Tyler understood: if you don't have an audience, you have to create one. And that's what he did.
That very audience opened the doors to his first film, "Diary of a Mad Black Woman", the first in his Madea series.
But, he still had to strike a deal with a distributor.
That very audience opened the doors to his first film, "Diary of a Mad Black Woman", the first in his Madea series.
But, he still had to strike a deal with a distributor.
8/ Not many were willing to take a risk of Perry's work. But Perry was willing to bet on himself.
He made a deal with Lionsgate's CEO.
Tyler would put up half of the money. But, he would also collect half of the profits.
Most importantly, he controlled and owned the content.
He made a deal with Lionsgate's CEO.
Tyler would put up half of the money. But, he would also collect half of the profits.
Most importantly, he controlled and owned the content.
9/ Before the release, Lionsgate's CEO said, “If it makes us $20m [total] I’ll be very, very happy.”
Perry replied, "OK, great. $20m the first weekend?"
The film debuted at #1 in the US, making $22.7m in weekend 1, off a budget of $5.5m. It's since made $150m in licensing.
Perry replied, "OK, great. $20m the first weekend?"
The film debuted at #1 in the US, making $22.7m in weekend 1, off a budget of $5.5m. It's since made $150m in licensing.
10/ With that success in hand, Tyler went to Hollywood in '06, with 10 full episodes of a TV series (House of Payne).
Network CW bought and aired the episodes, with ratings through the roof.
This caught the attention of a much larger network, looking to steal the deal from CW.
Network CW bought and aired the episodes, with ratings through the roof.
This caught the attention of a much larger network, looking to steal the deal from CW.
11/ He struck a deal with this network (TBS), that would air at least 90 more episodes.
They would pay him $200m to leave CW!
The kicker? He would own the episodes outright. AKA he retained ownership.
This deal is est. to have made Perry $138m alone.
His show, his earnings.
They would pay him $200m to leave CW!
The kicker? He would own the episodes outright. AKA he retained ownership.
This deal is est. to have made Perry $138m alone.
His show, his earnings.
12/ While Hollywood ignored Perry's success, he continued to write, act, and produce the Madea movies w Lionsgate.
He focused on "first look" deals, meaning Tyler owned the copyright. More on this soon.
Over time, the 11-film franchise made >$1b in sales, netting him $290m+!
He focused on "first look" deals, meaning Tyler owned the copyright. More on this soon.
Over time, the 11-film franchise made >$1b in sales, netting him $290m+!
13/ In 2015, Tyler made another big bet.
He bought an unexpected plot of land (army base) in Atlanta for $30m.
He's since transformed the 330 acres into a rental space for production companies, more than double the size of Warner Bros' lot.
It's est. to be worth $280m today.
He bought an unexpected plot of land (army base) in Atlanta for $30m.
He's since transformed the 330 acres into a rental space for production companies, more than double the size of Warner Bros' lot.
It's est. to be worth $280m today.
14/ Tyler's bet wasn't a fluke.
He knew Atlanta needed development, as a native there for 15y.
He also capitalized on Georgia's '08 tax incentives for production companies.
In 2007, $67m was spent on film production in the state. By 2018, that was $2.9B, much thanks to Perry.
He knew Atlanta needed development, as a native there for 15y.
He also capitalized on Georgia's '08 tax incentives for production companies.
In 2007, $67m was spent on film production in the state. By 2018, that was $2.9B, much thanks to Perry.
15/ His land helped secure his recent $150m/y deal to create content for ViacomCBS (90 TV episodes), and to rerun his past library!
Again, which he can sell... bc he owned it. After 5 years, the rights return to him.
As you might guess, Perry secured an ownership stake in BET+.
Again, which he can sell... bc he owned it. After 5 years, the rights return to him.
As you might guess, Perry secured an ownership stake in BET+.
16/ The best part for Perry: no non-compete.
That means he's able to rent his space to other productions, including well-known names like the Walking Dead or Black Panther.
In his own words: "I own the lights. I own the sets. Because I own everything, my returns are higher."
That means he's able to rent his space to other productions, including well-known names like the Walking Dead or Black Panther.
In his own words: "I own the lights. I own the sets. Because I own everything, my returns are higher."
17/ What's the key lesson from Perry?
At every single juncture, Tyler made sure to bet on himself by prioritizing ownership vs short-term gain.
By the time he amassed 22 films, dozens of plays, and 1200 TV episodes, he owned his library of work.
Not many ppl can say the same.
At every single juncture, Tyler made sure to bet on himself by prioritizing ownership vs short-term gain.
By the time he amassed 22 films, dozens of plays, and 1200 TV episodes, he owned his library of work.
Not many ppl can say the same.
18/ @tylerperry says it best:
"Ownership for me was easy because I was underestimated. They said, 'Sure, you can own it.' They didn't think it'd be worth anything."
Always bet on yourself. 🎯
"Ownership for me was easy because I was underestimated. They said, 'Sure, you can own it.' They didn't think it'd be worth anything."
Always bet on yourself. 🎯
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