Forbes article on Margaritaville Multibillion-Dollar Empire

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From Forbes: “How Jimmy Buffett Turned Hit Song ‘Margaritaville’ Into A Multibillion-Dollar Empire

Jimmy Buffett’s classic hit “Margaritaville” is celebrating its 40th anniversary this year. The song debuted on the 1977 “Changes in Latitudes, Changes in Attitudes” album and quickly took on a life of its own, becoming a state of mind and way of life rooted in fun and escapism for those “growing older, but not up”.

The song about life in this euphoric place where days are wasted away nibblin’ on sponge cake and watchin’ the sun bake has also morphed into a global lifestyle brand that currently has more than $4.8 billion in the development pipeline and sees $1.5 billion in annual system-wide sales. This year, Margaritaville Holdings announced a partnership with Minto Communities to develop Latitude Margaritaville, new active adult communities for those “55 and better”, including the $1 billion Daytona Beach, Florida location and a second in Hilton Head, South Carolina.

“Since I wrote the song 40 years ago, Margaritaville has affected just about everything we’ve done,” said Jimmy Buffett. “From getting me on the radio first, to the evolution of the brand in so many areas that we couldn’t possibly conceive of in the beginning.”

Buffett, 70, was reported to have a net worth of $550 million as of 2016 and was ranked No. 13 on FORBES first-ever list of America’s Wealthiest Celebrities. His 2016 earnings alone total an approximate $40.5 million. The singer, songwriter, bestselling author and business tycoon remains true to his loyal and like-minded fans.

“I love that as successful as we’ve become, the basic principle that I learned on Bourbon Street, of having fun and engaging with fans, has always been a focus,” Buffett said. “I love Margaritaville, the entire idea of it.”

Read the full article at Forbes.com

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Article source: http://www.buffettnews.com/2017/08/13/27012/