Ray J’s Tech Company Earns $10 Million In Sales, Scoot-E-Bike Projected To Make $200 Million In 2020
By Stephanie Ogbogu
Ray J is more than a singer and actor, he’s also a Black business tycoon and his tech company, Raycon, is proof.
Raycon, which currently consists of true wireless audio products: Raycon Wireless Earbuds, Raycon Wireless Headphones, and Raycon Wireless Speakers, was founded in 2017 following a $31 million exclusive distribution deal with New York City-based electronics distributor, Cowboy Wholesale. Other offerings from the company included the Scoot-e-Bike (which launched in 2016 under Raytroniks), the Legend Smartwatch, and the M20 home karaoke microphone.
It was recently reported that over the course of 12 months, Raycon has brought in $10 million in sales.
“We’re so proud of how far we’ve come in such a short amount of time,” Ray J tells Grit Daily. “I knew that the company would do well because I believe so much in the products but, I have to say that the success has been overwhelming so far. We have a great team assembled and we get things done. Our customers are happy so we’re happy.”
Anyone who has been paying attention to Ray J’s business moves can see why he’s destined for success. Before the huge wave of electric scooters by companies such as Uber, Lyft, Bird, and Lime, Ray J marketed his Scoot-e-Bike across social media and to celebrity influencers.
“The world is moving towards renewable green energy, and electric transportation is a big part of that,” he said in a press release. “With the Raycon movement, we are going to make sure we are one of the first ones there.”
In 2020, a new and improved Scoot-e-Bike will be hitting the market. Ray J has reportedly partnered with Canadian ridesharing company, LOOPShare, and next year they want to re-release the electric scooter with new technology and digital dashboard services unlike any other bike-sharing company out. It’s projected that Scoot-e-Bike could earn over $200 million following next year’s launch and earn $2 billion in the next two years. The partnership alone earned Ray J $34 million and over 18 million common shares in LOOPShare.
In the meantime, Ray J is still using his celebrity influence to market his company’s current offerings. Check him out on episode 2 of The Vince Staples Show, showing off some of his tech.