Hollywood celebrities have long relied on their connections in the industry to gain star power, but now, friendships are extending beyond the screen and into business ventures. From owning sports teams to starting liquor brands, celebrity friendships are proving to be profitable collaborations.
According to Olav Sorenson, a professor at UCLA, teaming up with other celebrities allows for expanded reach and shared risks when starting a business venture. One example of a successful celebrity team-up is Ryan Reynolds and Rob McElhenny’s purchase of the Wrexham AFC soccer team, which has brought them increased visibility and partnerships with major brands.
Other notable celebrity partnerships include the podcast “SmartLess” by Jason Bateman, Sean Hayes, and Will Arnett, and the mezcal brand Dos Hombres created by Bryan Cranston and Aaron Paul. These ventures have not only been profitable but have also benefited communities and charitable causes.
However, not all celebrity team-ups result in success. Some ventures, like the restaurant Dive! owned by Steven Spielberg and Jeffrey Katzenberg or the baby products company Hello Bello owned by Kristen Bell and Dax Shephard, have failed for various reasons.
Despite the risks involved, celebrity friendships are increasingly becoming a valuable asset for business ventures in Hollywood. Taylor Swift, known for her massive influence in the industry, has also shown support for her friends’ projects, further highlighting the power of celebrity friendships in the business world.
Source
Photo credit www.businessinsider.com
