Jason Derulo may have achieved music success, but the singer is looking for a different business avenue to become a billionaire.
Derulo, who is set to become a coach on “The Voice Australia,” is hoping to become a billionaire through his business ventures, including his successful car-washing services.
Derulo is best known for his international pop star status, but he is always looking for the next chapter in his life, which could include a car washing empire he compares to streaming services like Spotify and Netflix.
Working the Car Wash
According to Derulo, he’s invested in a company that is revolutionary.
“It’s called Rocket CarWash, and Rocket Carwashes is basically changing the way that people get their cars washed. So it’s an amazing facility, you know? You go in, and you pay a membership, and you can get your car washed at any time,” Derulo told Forbes. Derulo has not revealed how much he’s invested into the company.
He added that its not the usual celeb business venture.
“It is a very unsexy business, but it is a monster. It is like the Spotify model and how Spotify changed the music industry. It is Netflix and how Netflix changed the film industry…If I can get my car washed at anytime for a very low low price, I mean, it beats any other car wash out there, especially it being better than the other ones as well,” he points out, noting it’s a business worth $2 billion.
Derulo might be on to something.
According to business consulting firm Grand View Research, the global car wash services market is valued at $29.3 billion and is expected to grow at a CAGR of 3.1 percent from 2022 to 2030.
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Derulo admits that his path to becoming a billionaire begins with taking a bet on numerous enterprises and hoping that one of them takes off. His other projects, in addition to Rocket Car Wash, are in the health, fitness, and sports industries. He’s an investor in the fitness firm Rumble Boxing and he co-owns the high-end West Hollywood restaurant Catch LA, and then there’s the TV show “Project Icon,” which he co-created for BBC.
Of course, like any entrepreneur, he has had his financial ups and downs, including he says losing $600,000 in failed ventures, The Daily Mail reported.
“The more money you have, the more money you’re able to create based on the things you already have. So I’ve had a lot of failed businesses, but I’ve had business thrive, and the businesses that end up thriving, you know, mitigate all the failures,” he told Forbes.
With Warner Music Group no longer supporting his music career as of 2019, Derulo claims to have 13 business endeavors.
In the late 2000s, he rocketed to notoriety with his debut single “Whatcha Say,” which peaked at No. 1 on the Billboard Hot 100 list. He has had a number of popular singles since then, including “In My Head,” “Ridin’ Solo,” “Talk Dirty,” “Want to Want Me,” and “Swalla,” among others.