Soulja Boy has just entered rap mogul territory, having penned a $400 million endorsement deal with World Poker Fund Holdings.
After weeks of speculation on the matter, the company released an official press release informing the world that the 25 year old rapper had signed a five year deal with them.
The press release from the company said, “The world of marketing is changing, today’s biggest influencers are not brands, but individuals who create content that drive loyalty and brand sentiment. Soulja Boy represents the best of the best and we are already seeing the impact from his presence.”
To put the deal in perspective, Drake’s combined endorsement deals are estimated to be worth $30 million, less than a tenth of WDFH’s offering.
Soulja Boy has a social media following of over 15 million and particularly appeals to a young demographic, something WDFH are seemingly trying to tap into. Questions may be raised about a gambling company luring in teenagers in this way, but Soulja Boy said it was an endorsement that made sense for him.
“I invest in things I understand”, Soulja Boy stated in the press release, “I enjoy music, and of course gaming. Being an influencer is a form of currency. Having portfolio diversification is critical if you want to be an effective brand ambassador. With regards to World Poker Fund, I believe in its strategy, its team, the vision, and management’s ability to target its financial goals.”
Sizeable endorsement deals with rappers have typically been in footwear, clothing and alcohol, so this venture potentially marks a shift in the direction of hip-hop branding.
On his Twitter account, Soulja Boy amply summarized his latest move.