Jaddan Comerford, the co-founder of UNIFIED Music Group, also appeared on the list
Tones And I and Vance Joy are among those named on the Australian Financial Review’s 2022 ‘Young Rich List’.
The list collates Australia’s wealthiest people under the age of 40, and was released by AFR today (October 27). The publication reported that both Tones And I and Vance Joy earned much of their fortune from their respective music catalogues, with Tones garnering the bulk of her estimated $35million net worth from her 2019 smash hit, ‘Dance Monkey’.
For his part, Vance Joy entered the list with an estimated net worth of $40million, largely thanks to his three-album discography which includes the 2013 global hit ‘Riptide’ and this year’s LP ‘In Our Own Sweet Time’. In addition to the two artists, another music figure who landed on the ‘Young Rich List’ was Jaddan Comerford, the co-founder of UNIFIED Music Group.
AFR reported that the Australian company – which works with Joy and the likes of Client Liaison and Boy & Bear on artist management – will turn over $30million this year. In his accompanying interview with AFR, Comerford credited the presence of musicians on the list to “the rise in streaming services, live acts and merchandising,” which have made the music industry “more viable than ever”.
Comerford continued: “The music industry can sometimes look like it’s not doing so well, through the lockdowns or with piracy, but money’s always being generated, it just comes through different channels.” Elsewhere in the report, AFR elaborated on the impact of streaming royalties on Tones and Joy’s valuation, revealing that, because they wrote most of their biggest songs, the pair were able to reap the payouts largely for themselves.
AFR later anticipated that fellow Australian musician Tame Impala would “likely” appear on future ‘Young Rich Lists’, especially as the streaming payouts for his biggest hit – ‘The Less I Know The Better’ – continue to grow. Troye Sivan, The Kid Laroi and Flume were also named as future list contenders, despite their royalties being shared among co-writers.
Outside of music, model Miranda Kerr topped the ‘Young Rich List’ with a $173million valuation, while F1 driver Daniel Ricciardo and actor Chris Hemsworth entered with $156million and $162million valuations, respectively.
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