Hustle Mindset

Ray J Shares How Misunderstanding The Terms Of A Loan ‘Humbled’ Him While Starting His New Television Network

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Ray J has launched a new television network.

The singer and entrepreneur just launched a television platform, Tronix Network, on Monday, March 25, 2024. 

While the R&B singer started out in the music industry, creating hits such as “Wait A Minute” in 2001 and “One Wish” in 2005, he has since tapped into his business side and ventured into other areas to generate revenue.

Before deciding to create a new TV network, Ray J was known for his time investing in the tech industry. He first broke ground in 2016 with his Scoot-E bike brand, which launched through his electronics company Raytroniks. In 2019, the brand was acquired by micro-mobility and ride-sharing company LOOPShare in a deal reportedly worth about $34 million, per The Source. Ray J also supposedly walked away with more than 18 million common shares in LOOPShare, according to the outlet.

He strengthened his presence in the sector, pivoting to Raycon Global, which he co-founded in 2017, as AFROTECH™ previously told you.

“We went from being an $8 million a year company to $40 million, and you know we’re holding around $80 million every year. I think we can diversify and bring the culture in a little more,” Ray J told AFROTECH™ in December 2023.

Just over two months later, Ray J announced his departure from Raycon Global and sold his shares in the company, according to The Jasmine Brand.

Now taking ownership in the space of network television, Ray J is optimistic about his potential success. He claims he has helped other major networks, such as VH1 and MTV, with certain shows and has produced shows for Zeus Network, including “The Conversation” and “One Mo’ Chance.”

“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,” Ray J told Rosemarie Miller on Forbes’ “New Money.” “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.’”

He added, “At that point, I was just like, ‘OK, I think we have enough POCs [proofs of concept]. I think we know what to do. We just have to now put all of our money up and go for what we believe in.’ So, eventually, that’s what I did, and that’s a pretty scary thing.”

Ray J tells Forbes he initially invested $1.5 million in Tronix Network. He also mentions that he had secured a $3 million loan, which he misunderstood and spent all the money, causing him to enter survival mode in January 2024.

“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 explained to 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 challenges, when announcing the launch, Ray J told Forbes he was already receiving a lot of positive feedback about the self-funded network. 

“It was kind of like a mayhem run,” he said to the outlet. “And you look at the numbers, you look at the subscribers, you go, ‘Wow, we haven’t even shown ’em a show yet.’ So I’ve always knew that this was our space. …We’ll be dropping all the episodes Monday biweekly for each show. And we have seven or eight shows coming. I think they’re gonna be proud, they’re gonna be enthused. And it’s looking exactly how I saw it.”





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