Supposedly, to be officially announced today, Jay-Z in conjunction with the equally entrepreneurial Steve Stoute will be opening an ad agency. Translation Advertising, as it will be known, will focus on "helping marketers reach multicultural consumers."
It makes sense he would do something like this. He considers this "part of the natural growth" of his career. I mean, come on, dude's resume includes just about everything: Hustlin', Grammy-Winning, Owning NJ Nets, Clothier, Budweiser Select Brand Manager, Def Jam CEO (a position he just resigned). He's a brand manager - more specifically a perception manager. Always has been. He gets it. "There are people who don’t understand the culture," Jay said, referencing a commercial for a wireless carrier “that shows guys break-dancing in the phone store...It’s just not something we do.”
I love this: "If we sit in a room...and offer our ideas of how to reach consumers, how to speak to them — and this is not a cocky statement — put us up against anything, and we’ll win our fair share of battles.” Curious to see what they will do and who they will work with.
Interpublic will own 49%, Jay and Steve will own 51%.
Also, about a month old story from the rumor mill suggests Jay-Z and Apple may team up to form a new record label. Read gossip here and here.
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