Meet Hollywood's Newest Billionaire... Madea!?

Tyler Perry, the creator, and star of the Madea franchise has become the world’s newest billionaire. Owner of Tyler Perry Studios, the 51-year-old “has earned more than $1.4 billion in pretax income since 2005” (*see the breakdown of his earnings below) and has used it to “buy homes in Atlanta, New York, Los Angeles, and Jackson Hole, Wyoming, as well as two planes”(Berg, 2020), according to Forbes.

Perry, who never completed his high school education, started his career writing plays and selling cars. He saved $12,000 and was able to fund his first production, I Know I’ve Been Changed, which he sold concessions in addition to writing, directing, and designing the set. The play took a toll on Perry financially, forcing him to live out of his car for a few months. Over time Perry’s following grew and eventually he would befriend Oprah Winfrey, who advised him to “the importance of ‘writing your own checks’ and being in full control” (Berg, 2020). He would go on to earn over $150 million dollars from ticket sales, merchandise, and recording during his time in theatre.

Perry went on to state that “ownership changes everything”, and he applied this way of thinking as soon as he started to produce movies and television shows. He differed from the norm by seeking ownership of all of his content outright. Additionally, he took a different approach from the industry by catering to African-Americans a historically non-targeted demographic. After making 11 Madea films in 14 years, the franchise went on to gross “more than $670 million at the box office and netted him about $290 million in fees and profits, Forbes estimates.”, (Berg, 2020).

He then used his film earnings to purchase a 330-acre lot of land located in Atlanta, GA, formerly known as Fort McPherson, the confederate army base. The land went on to become Tyler Perry Studios, one of the largest major production studios in the country. This made Tyler Perry the first African-American to own a major production studio, and now uses his space to provide more opportunities to minorities in the industry and increase their representation in entertainment.

*a breakdown of Perry's earnings portrayed graphically by Forbes Berg, M. (2020, September 1). From "Poor as Hell" to Billionaire: How Tyler Perry Changed Show Business Forever. Forbes. Retrieved from https://www.forbes.com/sites/maddieberg/2020/09/01/from-poor-as-hell-to-billionaire-how-tyler-perry-changed-show-business-forever/#3b88372034b5