Simon Cowell almost went bankrupt before Pop Idol turned him into a millionaire
Simon Cowell has been on talent show panels for as long as we can remember. But it wasn’t all smooth-sailing before he launched Pop Idol, which soon led to American Idol in the USA. He’s still giving the gift of the gab as nervous performers try to win over the hard-to-impress judge. Simon Cowell is […]
Simon Cowell has been on talent show panels for as long as we can remember. But it wasn’t all smooth-sailing before he launched Pop Idol, which soon led to American Idol in the USA.
He’s still giving the gift of the gab as nervous performers try to win over the hard-to-impress judge. Simon Cowell is now living out his dreams, but he was nearing bankruptcy before TV fame.
Simon Cowell almost went bankrupt
Simon was close to going bankrupt before the American Idol days. He had formed Fanfare Records with Iain Burton selling exercise videos, and music from acts, such as the Italian orchestra, Rondò Veneziano.
Some of Cowell’s early success came through Stock Aitken Waterman, who produced a number of hits in the 1980s. However, in 1989 the company went under, taking Cowell’s Porsche as compensation.
He nearly went bankrupt following the firm’s outstanding production and royalties payments. However, he brought it back by working with BMG as an A&R consultant and set up S Records.
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Pop Idol was soon born
In 2001, Cowell was given the role of judge on the first series of Pop Idol, a show that he and creator, Simon Fuller, successfully pitched to the ITV Controller of Entertainment.
Just before Pop Idol was accepted, Cowell had already made his first million, having signed Robson & Jerome – who were to thank for his success – as well as Five, Westlife and Teletubbies.
Cowell’s S Records signed the top two finishers of the first season of Pop Idol, Will Young and Gareth Gates, both who went on to secure UK hits. The show continued before he shut it down to launch The X Factor and Got Talent franchise.
He also became a judge on the first season of American Idol in 2002. Simon left the show in 2010 but has since returned to the USA to join the America’s Got Talent judging panel, as of 2016.
Now, Simon is a total millionaire
Simon is so successful that he was named one of the wealthiest people in the UK by The Sunday Times Rich List, which states he had a net worth of $492 (ÂŁ385) million, as of 2019.Â
He earns a staggering amount from his record label Syco Entertainment. This label has launched the careers of major pop artists, including One Direction, Little Mix and Camila Cabello.
Cowell wasn’t born into a wealthy family and had to work his way up through the ranks of the music industry, starting out as an office post boy, but his dedication has certainly paid off!