The Business Behind Ninho: How Does the GOAT Make His Money?

When it comes to Ninho, the numbers almost speak for themselves: diamond records, hundreds of certifications, billions of streams and two shows at the Stade de France in May 2025. But to understand the real business that has been built around the rapper, you have to look far beyond Spotify.

Over the years, William Nzobazola has gradually built an ecosystem that allows him to operate at several levels of the music industry: recorded-music production, publishing, artist development, merchandising, booking and even film. In other words, Ninho no longer wants to be simply the artist performing on the track — he also wants a stake in the structures that turn that music into a business.

That ambition is nothing new. Back in 2019, shortly after releasing Destin, Ninho told Le Parisien: “My next step is to succeed as a producer.” At the time, he had just created TTR Music — short for “Tiens Tiens Retiens” — with the stated goal of developing other artists.

From Mal Luné Music to Jefe Productions: taking control of his own records

To understand the shift, you have to go back to the beginning of his rise. A large part of the catalogue that turned Ninho into a superstar was produced by Mal Luné Music. The company worked alongside the rapper for several years, up to Jefe, released in 2021. Mal Luné Music itself describes the album as the final Ninho project released through the label.

But at almost exactly the same time, Ninho was already preparing the next stage.

In January 2021, Jefe Productions was created, a company operating notably in recorded-music production and music publishing. It is chaired by WN Holding, a structure directly linked to William Nzobazola.

The change became particularly visible with NI in 2023. In data published by the Centre national de la musique, Jefe Productions is explicitly listed as the album’s “Master Owner”, while Warner Music France continues to play a role in distribution.

The same model can be seen with M.I.L.S 4 in 2026: credits available on Apple Music list Jefe Productions on the recorded-music production side of the project.

That is a fundamental difference.

Ninho has not necessarily removed the major label from the equation. Instead, he has changed his position within that equation: his own company is now directly involved in producing his masters, while a major group such as Warner Music France can continue to provide its distribution, marketing and commercial muscle.

When an artist owns or co-produces their masters, the economics of a successful track are obviously very different from simply receiving an artist royalty. The exact percentages in Ninho’s contracts are not public, but the structure of his companies clearly points to a desire to capture a larger share of the value generated by his own catalogue.

And that catalogue keeps growing. M.I.L.S 4 quickly achieved platinum status, while GOAT, his joint project with Niska, brings together their respective structures, Jefe Productions and Charo Inc. Ninho’s certifications can be viewed directly on the SNEP website.

TTR: making money when other artists succeed

But Ninho had already started thinking like a producer before Jefe Productions even existed.

In May 2019, he launched TTR, short for “Tiens Tiens Retiens”. The company legally operates under the name Tiens Tiens Retiens and is active notably in sound recording and music publishing.

Its first signing was particularly symbolic: Hös Copperfield, Ninho’s cousin and the person who had originally introduced him to rap.

At the time, Hös Copperfield was presented as the first artist signed to Ninho’s label. Developing his career marked an important transition for Ninho, from being simply an artist to becoming a producer capable of helping build another musician’s career.

Today, however, the most interesting example is probably Gaulois.

Sony Music France directly describes the rapper as developing under the guidance of his friend Ninho. His huge single “Jolie”, featuring Ninho, was released through La G Corp and Tiens Tiens Retiens, with distribution handled by RCA and Sony Music France.

That means when Ninho helps develop an artist through a production company, his potential earnings are no longer limited to the fee or royalties attached to his own verse or featuring credit. Depending on the agreements between the different parties, his company can also have an economic interest in the exploitation of the master recording.

That is exactly how a producer begins building a catalogue that extends beyond his own discography.

Jefe Publishing: tapping into publishing revenue

The third layer is Jefe Publishing.

The company was created in June 2023 and also sits within the WN Holding ecosystem. Its activities include music publishing, recorded-music production and video production.

This is a crucial part of the music business.

A sound recording and a musical composition do not generate exactly the same rights. The owner or producer of the master controls the recording, while songwriters, composers and their publishers receive income linked to the underlying composition itself.

Through a publishing company, the Jefe ecosystem can therefore participate in another layer of music revenue: publishing rights and the income attached to the compositions it represents.

Again, it would be misleading to assign a specific figure to Ninho: the details of his publishing agreements are not public. But the strategy is easy to read — masters on one side, publishing on the other.

Live music: Jefe Booking completes the picture

An artist of Ninho’s size obviously does not live on streaming alone.

In 2025, he performed two concerts at the Stade de France, on May 2 and 3. The first date was met with spectacular demand, leading to the addition of a second show. The Stade de France announced that around 80,000 people were expected for the May 3 concert.

Of course, it would be impossible to turn 80,000 ticket sales into “Ninho’s profit” with a simple calculation. Stadium hire, show production, staff, security, technical costs, promoters, taxes and numerous intermediaries all have to be taken into account.

But another detail becomes particularly interesting when looking at his companies: Jefe Booking has existed since 2022.

Its activities include artist placement and programming, connecting performers with event organisers, securing contracts and carrying out certain commercial operations around artists.

Once again, the same principle appears: gradually bringing in-house business functions that traditionally sit outside the artist’s direct control.

Jefe Shop: monetising the Ninho name beyond music

There is also Jefe Shop, created in 2022 and integrated into the rapper’s wider business ecosystem.

Its corporate purpose includes designing and selling merchandise, as well as commercially exploiting artists’ names, stage names and images across different product categories.

In other words, merchandising is not simply about printing a T-shirt for a tour. An entire company was created specifically to develop this side of the business.

Once again, publicly available information does not necessarily make it possible to determine exactly how much revenue this activity generates. But its existence reveals the broader strategy: when a brand such as Ninho attracts several generations of fans, the name itself becomes a commercial asset.

Jefe Films: preparing for life beyond music?

The rapper appears to have considered wider diversification relatively early in his career.

Back in 2019, he told Le Parisien about his desire to move into production and also spoke about other creative ambitions, particularly around film.

A few years later, Jefe Films was created.

Founded in 2023, the company’s activities include the production, distribution and exploitation of film and audiovisual works.

It is important to be precise here: the creation of the company does not mean that it is already generating significant revenue. It would therefore be premature to talk about a genuine “film empire”.

But the structure exists.

More importantly, it fits with the diversification strategy Ninho had already spoken about several years earlier.

WN Holding: the invisible backbone of the Jefe empire

Behind several of these companies sits one central piece of the puzzle: WN Holding.

Created at the end of 2020, the company is directly linked to William Nzobazola. It sits above several entities within the Jefe ecosystem, including Jefe Productions, Jefe Publishing, Jefe Shop and Jefe Films.

At that point, the strategy becomes much easier to understand.

Ninho has gradually created several specialised companies instead of relying on one single structure to handle everything:

• TTR to produce and develop other artists;
• Jefe Productions to operate in recorded-music production and master rights;
• Jefe Publishing for music publishing;
• Jefe Booking for live performances and booking-related contracts;
• Jefe Shop for merchandise and related products;
• Jefe Films for film and audiovisual production;
• and WN Holding to structure a large part of the overall operation.

This is no longer simply a rapper’s career. It is a genuine corporate structure built around an artistic career.

So how much does Ninho actually make?

That is precisely the question it would be dishonest to answer with a definitive figure.

Ninho’s personal income is not public, and several of his companies may benefit from confidential accounts or simply do not disclose enough information to accurately reconstruct how much money ultimately reaches the artist. Online estimates of “Ninho’s net worth” should therefore be treated with considerable caution.

What we can answer, however, is a different question: where can his money come from?

Streams and sales of his own records, of course. But also his position as a recorded-music producer on his recent projects, songwriting and publishing rights depending on the work, the production of other artists, live shows, booking, merchandise and, potentially in the future, film.

That may be the most important evolution in Ninho’s career.

At the beginning of his career, he was an artist developed by Mal Luné Music and distributed with the backing of a major label. Ten years later, major companies are still involved in his music, but Ninho now owns his own structures at almost every level of the business.

The real “Jefe”, then, may no longer simply be the artist who sells the most records.

It is the one who understood that after creating the hits, the next step was to own part of the machine that turns those hits into money.