The music business isn’t cutting it anymore for mega-manager Mathew Knowles, the father of Beyoncé and Solange Knowles. He helped develop the hit-making R&B group Destiny’s Child before leading Beyoncé to superstardom. Now he’s quitting the industry to pursue other business ventures.
“In the next two years, I will have transitioned completely out of the music industry… my plan is to be completely dedicated to mentoring, academia,” Knowles told Page Six. “There’s nothing negative about (the decision). I’m personally ready to move on. I’ll continue to teach about the music business.”
Among his latest projects is a new podcast, “Mathew Knowles Impact,” which recently debuted on iHeartRadio.
Mathew Knowles also launched a career for his younger daughter, singer Solange, as well as other acts such as Kelly Rowland.
In 2019, Mathew Knowles ventured into the cannabis industry, becoming the chief marketing officer of Bangi Inc., a company that buys and leases real estate for weed farms and dispensaries.
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His involvement in the music industry has been decreasing over the last few years. Beyoncé and Solange came to depend less on his business advice after his marital infidelity and a messy paternity case grabbed headlines in 2009, The Grio reported.
Under her father’s management, Beyoncé released three platinum-selling albums, starred in three films, and landed various endorsements and brand deals, according to The Cheat Sheet.
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Knowles, who has an estimated net worth of $500,000, became a professor at Texas Southern University after stepping down as Beyoncé’s manager. During his seven years at the university, Knowles launched The Mathew Knowles Institute, which offers courses that focus on the business of music. At the peak of his career, he was worth an estimated $50 million.