Singer Ray J reveals financial troubles ahead of the launch of his new Tronix television network

Abu Mubarik April 09, 2024
Photo credit: Glenn Francis/Wikimedia Commons

Ray J is an American singer known for hit songs like “Wait a Minute” in 2001 and “One Wish” in 2005. However, in recent years, the singer has reinvented himself as an entrepreneur, following in the footsteps of other musicians like Jay-Z, 50 Cent, and Beyonce, among others.

He moved into the business world and started as an investor in the tech industry. In 2016, he broke ground with his Scoot-E bike brand, which launched through his electronics company, Raytroniks, according to AfroTech

However, in 2019, LOOPShare, a micro-mobility and ride-sharing company, acquired the brand for an estimated $34 million. Ray J, per reports, walked away with more than 18 million common shares in LOOPShare.

At the time, he had co-founded Raycon Global but parted ways with it as he turned his attention towards the television industry. 

“We went from being an $8 million-a-year company to $40 million, and you know we’re holding around $80 million every year. I think we can diversify and bring the culture in a little more,” Ray J told Afrotech.

Now in the television space with his television platform, Tronix Network, Ray J hopes his past experiences working with major networks like VH1 and MTV will help him succeed.

“We started doing reality TV when it first started, and everybody had their own way, their own lane. We focused on dating. We focused on ensemble shows. I got a chance to work with WeTV, BET, VH1, and MTV, and we just kept flushing out big shows,” stated Ray J to Forbes.

“Then we went to the OTT side [over-the-top media service], and we worked with Zeus Network, and we gave them exactly what they needed to start their engine, and it be successful today with shows like ‘The Conversation,’ shows like ‘One Mo’ Chance’ and ‘Baddies.’”

On March 25, 2024, Ray J launched Tronix Network, a company he started with a $1.5 million investment. However, launching the network came with challenges. In an interview with Forbes, he revealed that he misunderstood the term of a $3 million loan he took to invest in Tronix Network.

According to him, this made him spend all the funds and he entered a period of financial difficulty.

“I thought it was just a total different kind of loan, and I just misunderstood it. So, I ended up spending all of it thinking that I had some more left,” Ray J explained to Forbes. “So that was just a little weird, but I think being humbled like that and having two months to survive the times of just life was definitely something I think I needed, you know? So, you practice being frugal, and we practice being realistic with the money.”

However, the singer and entrepreneur did not allow the setback to define him. He remained resilient and determined to make Tronix Network a success. So far, he has received a lot of positive feedback about the self-funded network.

Last Edited by:Mildred Europa Taylor Updated: April 9, 2024


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