Endorsing a big brand in return for cash is so last year. Now celebrities are clamoring for equity in the companies they’re promoting, in the hope of a bigger payday.
In short, everyone wants to be Ryan Reynolds, the Canadian actor and business mogul who sold his Aviation Gin brand to Diageo in 2020 for $610 million only to trump that this month with the $1.35 billion sale of Mint Mobile to T-Mobile U.S.
While it pains me somewhat to watch a handsome, kind and humorous actor/family man become astronomically wealthy from side hustles — has he no flaws? — it’s a trend both consumers and the business world should welcome. When stars have skin in the game, they are more discerning about the products and services they promote, and they work harder for brands for a lower upfront cost.