Mike Reno has a net worth of $5 million though more conservative estimates place it at $2 million.
The legendary Canadian rock star primarily made his money from his music career as the lead singer of the band, Loverboy. The group reigned supreme in the 80s and sold tens of millions of records, and toured the globe. Though they experienced some decline, Loverboy still remains popular with those that are nostalgic for the 80s. They continue to sell out concert venues, and companies continue to pay good money to use their songs for commercials and the likes. All this has contributed to Mike Reno’s net worth.
How Much is Mike Reno’s Net Worth Now?
Mike Reno’s net worth is put at $5 million by some sources while other reports have it that it is closer to $2 million. Whichever it is, there is no doubt that Mike Reno is one of the richest musicians that his country has produced. He is, however, not the richest. The five richest musicians in Canada are Celine Dion ($800 million), Shania Twain ($400 million), The Weekend ($300 million), Justin Bieber ($285 million), and Dan Aykroyd ($250 million).
A Breakdown of How Mike Reno’s Net Worth Accrued
Mike Reno and his Loverboy Bandmates have Sold 20 Million Records
The primary source of Mike Reno’s net worth and fame is his music career. The Calgary-born singer is the co-founder and lead singer of the popular rock band known as Loverboy. Reno joined hands with guitarist Paul Dean to form Loverboy in 1979. Other original members included Doug Johnson (keyboardist), Jim Clench (bassist), and Matt Frenette (drummer), and the band dropped their debut eponymous album in 1980.
It was a major success as it sold not less than 1.5 million copies, achieving platinum status. The next three albums that Loverboy dropped, Get Lucky (1981), Keep It Up (1983), and Lovin’ Every Minute (1985), even did better, selling more than two million copies each. All this meant money for Mike Reno and his bandmates and their record label, Columbia Records.
Loverboy has dropped a total of about nine albums to date with hit songs such as Turn Me Loose and Working for the Weekend. They have sold 20 million records, thus contributing to the net worth of Mike Reno and his bandmates.
He and His Band Mates Have Also Staged Sold-Out Tours and Concerts
Another means through which Mike Reno has made good money is touring and staging concerts with his Loverboy bandmates. Even when their career stalled in the late 80s and then the 90s, they retained an army of loyal fans all over the world, and thus once they went on tour, they would attract tens of thousands of attendees at each stop.
Reno and Loverboy continue their lucrative touring schedule to date and available records show that tickets for their shows cost tens to hundreds of dollars. It is, therefore, not farfetched to assume that Mike Reno has made seven figures as his own share of touring proceeds.
Mike Reno’s Music Also Enjoys Massive Streaming Online
Mike Reno and his Loverboy bandmates have also taken advantage of emerging technology to enhance their career and also make more money for themselves. The group has its classic songs available on online platforms for fans to stream for a fee. The group also releases music for streaming on its website.
Mike Reno and his bandmates are quite savvy. They don’t waste half a million dollars recording full albums with 12 songs. They rather put out singles that their fans lap up. Mike Reno and his bandmates take the full proceeds from the new music they release online. However, when it comes to their old songs, they may have to split the proceeds with their record label, which is also a right holder.
He has Contributed to the Soundtrack of Movies Such as Top Gun
Mike Reno has contributed songs to the soundtrack of several Hollywood movies and has been paid handsomely for this. These movies include Footloose (a duet with Ann Wilson titled Almost Paradise), Iron Eagle II (Chasing the Angels), Dream A Little Dream (Whenever There’s Another Night), Watchers (Dream Machine), and Metropolis (Dangerous).
Along with his Loverboy band mates, Mike Reno provided the song Heaven in Your Eyes for the 1986 blockbuster film Top Gun featuring Tom Cruise. The movie was a critical and commercial success. Its soundtrack album was also a huge hit and sold 27 million copies.
In 2015 Amazon revealed that they would be reissuing the Top Gun soundtrack album. Reno himself revealed that he made a lot of money from Top Gun and still gets cheques for it.
Mike Reno has Featured in ads for Several Companies
Mike Reno has also signed endorsement deals with some brands and featured in commercials for some. For instance, in 2015, he was featured in a commercial for a site that helps job seekers named indeed.com. He made the ad fun by insinuating that the site would help people find jobs that satisfy them and not just one that they do to be able to fund their weekend enjoyment.
This was a riff on his band’s popular song, Working for the Weekend, and viewers lapped it up, of course. It goes without saying that Mike Reno would have been paid well for his time and effort.
He and his Band Mates also Earned Royalties for the Commercial Usage of their Songs
Mike Reno and his Loverboy bandmates also receive royalties for the usage of their music in films, commercials, etc. Companies have to pay to use songs in movies and ads, and the right holders get this money. In the US alone, it is estimated that a song can fetch $75,000 to $200,000 each year for usage in commercials.
Back in 2014, companies such as Radio Shack and Taco Bell used Loverboy’s music as well as the band’s imagery to do various adverts. Radio Shack’s ad was even broadcasted during the Super Bowl. They likely paid well for this though it could have gone to the record label.
Sales of Merchandise Also Contribute to Mike Reno’s Net Worth Earnings
Merch sales are an easy way for popular personalities to make money. They simply slap their name, image, likeness, or catchphrase to simple everyday items, and their fans buy it up for good money. Mike Reno and his bandmates have various merch on sale at their concert venues, and fans never fail to buy them. This provides another source of income for them.
The Singer Most Likely Has Several Investments and Business Enterprises
It is hard to track down any business ventures that Mike Reno has been involved in over the years, but there is no doubt that there must be some. The rock star is quite business savvy and commercial-minded. He loves music but also makes sure that he makes good money from it. There is no doubt that he would have invested his music earnings wisely over the years to make money. These investments may be in real estate, tech companies, etc.
Mike Reno has Dropped Some Solo Work over the Years
Reno has also tried his hands at solo music. In 2002, he dropped his debut solo album titled Renovation independently, releasing it on websites as well as other platforms. The album received some bad reviews for its production but good reviews for the actual music content. It wasn’t much of a commercial success, though but recorded some sales. Whatever little proceeds they were, went entirely to Mike Reno.