Misunderstanding the terms of a $3 million loan while launching Tronix Network landed Ray J in financial hot water.
Ray J, the multifaceted artist and entrepreneur, has embarked on a new venture in the realm of television with the launch of his latest endeavor on March 25, Tronix Network, according to AfroTech. The singer, known for his hits like “One Wish” and “Wait A Minute,” has diversified his portfolio over the years, delving into the tech industry before venturing into network television.
In the interview with Forbes, Ray J expressed optimism about his foray into network television, citing his past experiences working with major networks like VH1 and MTV.
“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, MTV, and we just kept flushing out big shows,” stated Ray J. “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.’”
However, Ray J’s path to launching Tronix Network was not without challenges. He disclosed to Forbes that he had initially misunderstood the terms of a $3 million loan, resulting in him spending all the funds and entering a period of financial strain. This experience, he admitted, humbled him and prompted a shift towards frugality and financial realism.
“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 told 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 on being frugal, and we practice on being realistic with the money.”
Despite the setbacks, Ray J remains resilient and determined to make Tronix Network a success. He shared with Forbes that the self-funded network had already garnered positive feedback, signaling promising prospects for the future.
As Tronix Network prepares to unveil its lineup of shows, Ray J is confident in its potential to resonate with audiences. With a biweekly release schedule and a diverse range of content in the pipeline, he envisions Tronix Network becoming a source of pride and excitement for viewers.
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Source: Black Enterprise
