July 6th 2023.
International pop star Jason Derulo is hoping to step out of the spotlight and into the business world. Recently he appeared on the YouTube show Forbes Talks, where he discussed his rise to fame in the music industry and on TikTok. It was here that he also revealed his latest business venture- Rocket Car Wash.
"It's called Rocket CarWash, and Rocket Carwash is basically changing the way that people get their cars washed," Derulo said. "So it's an amazing facility, you know? You go in, and you pay a membership, and you can get your car washed at any time."
Rocket Car Wash is currently operating in Nebraska, Iowa, Pennsylvania, Texas, Utah, and California. While he acknowledged that the car wash business isn't the most glamorous industry to get into, it may be the smartest move. Derulo claims the business is worth $2 billion. The global car wash services market is valued at a little over $29 billion and is expected to grow at an annual rate of 3.1% from now through 2030.
Derulo compares the car wash business to the likes of Netflix or Spotify. He believes it offers a unique and valuable service. "It is a very unsexy business, but it is a monster. It is like the Spotify model and how Spotify changed the music industry," the songwriter said. "It is Netflix and how Netflix changed the film industry…If I can get my car washed at any time for a very low, low price, I mean, it beats any other car wash out there, especially it being better than the other ones as well."
Jason Derulo is no stranger to the investment world. According to BBC, he has invested in numerous successful businesses including BBC's reality show, Project Icon, boxing firm Rumble Boxing and luxury restaurant, Catch LA. He's now hoping to make an even bigger impact with his new venture.
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