To a lot of the music world, Rafael Ricardo Jiménez-Dan stays an enigma.
Regardless of founding Rimas in 2014 – the corporate behind international famous person Unhealthy Bunny and some of the influential forces in Latin music – he has by no means publicly mentioned his journey, his imaginative and prescient, or the controversial job he as soon as held in Venezuelan politics.
That modifications right this moment.
Talking from his residence in Florida, the rich Venezuelan entrepreneur is lastly prepared to inform his story. It’s a story of risk-taking, household sacrifice, and the relentless pursuit of a dream that might in the end reshape the Latin music panorama.
But, in accordance with Jiménez-Dan, it’s additionally a narrative that has been distorted by inaccurate media hypothesis, authorized filings, and political opportunism.
The catalyst for our dialog was MBW’s current protection of the impartial music revolution, which referenced varied media studies about Rimas’s origins.
Jiménez-Dan is especially eager to clear up particulars of his historical past working within the authorities of Hugo Chávez.
This affiliation has been whipped up not solely by media studies but additionally by one explicit headline-chasing politician in Puerto Rico, who used it as the premise for her suggestion that Rimas and/or Unhealthy Bunny may in some way politically corrupt the minds of PR’s residents.
“Each single greenback that I invested in music is the results of entrepreneurship, working exhausting with my household and associates, taking dangers that others wouldn’t take,” says Jiménez-Dan, strongly refuting the rumor that his startup funds for Rimas have been accrued throughout his time in authorities.
Jiménez-Dan, who says he labored for the Chávez authorities for only one yr (2006-2007), provides: “I’m not and by no means have been a political actor. I’m not a member of any political occasion in Venezuela – not left, not proper. I by no means had any involvement within the coup d’état with Chávez.”
Jiménez-Dan confirms that in 2023, he bought his 60% stake in Rimas’ label and expertise administration agency – Rimas Leisure – to a 3rd occasion, although contractual restrictions forestall him from revealing the client’s identification. (MBW sources are adamant it was Sony Music/The Orchard, in a deal that ultimately led to Noah Assad, alongside Unhealthy Bunny, taking majority management of the corporate.)
Nevertheless, Jiménez-Dan continues to personal 60% of Rimas Publishing, an impartial publishing firm, the place he sees thrilling alternatives forward. (Rimas Publishing, led by Emilio Morales as Managing Director, is residence to a few subsidiary publishers – RSM, Risama, and Megasongs – and counts on its roster expertise comparable to Unhealthy Bunny, Eladio Carrión, Subelo NEO, and Mora.)
“You based Music Enterprise Worldwide in 2015, and I based Rimas in 2014,” says Jiménez-Dan. “You possibly can perceive how exhausting it’s to combat everybody who doesn’t imagine in you.
“So I really feel that for the primary time, with you, I can clarify how Rimas was born…”
There’s not a complete lot concerning the origins of Rimas on-line, except for a few Spanish language items and two articles IN BILLBOARD, which knowledgeable my current column. The place in your view has among the reporting strayed from the trail?
The historical past of Rimas is without doubt one of the most superb, unbelievable histories about entrepreneurship, and luckily, it has a really comfortable ending. Sadly, there was quite a lot of misunderstanding, and I’ve by no means discovered the appropriate channel to discuss that.
Throughout our negotiations [with Rimas Entertainment’s majority-buyer in 2023], out of the blue, some journalists from Billboard approached me with a really powerful and hostile line [of questioning]. I didn’t really feel snug doing an interview, so all my phrases have been transmitted by my legal professionals in LA.
Regardless of providing them paperwork with very exhausting info, the end result was what I had anticipated from the very starting — a really slanted focus within the reporting.
One persistent story is that you just made a $2 million startup funding in Rimas when it launched in 2014, and largely let others run the corporate.
This is without doubt one of the worst [mistruths] that folks inform about Rimas. It originates from a trial involving my former enterprise affiliate and his ex-partner, and the media [picked it up from there]. She put within the authorized paperwork some tales she had heard [about Jiménez-Dan’s initial level of investment]. That is the one supply of this info; it’s completely false.
I by no means gave anybody else a test for $2 million, or perhaps a small amount of cash, to create Rimas. I used my bank cards; I mortgaged one property that I had in Florida. I paid for tons of of lunches with radio promoters and video producers. I used to be there with my child Ricardo, going to Greatest Purchase and the ironmongery shop to purchase issues to repair up the recording studios.
“Launching and constructing Rimas was quite a lot of effort. This concept of me being this man who purchased in a suitcase with $2 million, and gave it to somebody – that is completely false.”
I deserted my household for weeks, ready up till dawn in recording studios for one of many first Rimas artists to signal an settlement with us.
Launching and constructing Rimas was quite a lot of effort. This concept of me being this man who purchased in a suitcase with $2 million, and gave it to somebody – that is completely false.
I used to be the one shareholder of Rimas from 2014 to 2018. I used to be the 100% proprietor for 4 years.
Is it true that Rimas is an acronym to your kids’s names?
Completely. The title is a phrase recreation: “Rimas” means “rhymes” in Spanish, however it’s additionally an acronym of the names of my three youngsters: Ricardo, Marianna, and Sophya. Nearly all my ventures have, in a roundabout way, the names of my household. That is what strikes me – my household – and they’re concerned in all my initiatives.
In 2014, I used to be managing artists in Venezuela, and so they needed to make music in Puerto Rico. We began visiting studios in San Juan, and I noticed a land of alternatives, however a [local music] trade that was in a really unhealthy second. In case you bear in mind, 2014 was the worst yr within the music trade from the Nineteen Eighties to right this moment, with very low income.
The main labels dominated the trade, and the format was altering — CDs have been sunsetting, and streaming was beginning.
We discovered this area in San Juan and noticed a possibility [to invest in creating recording facilities and a record label]. I couldn’t discover a recording studio with worldwide high quality [in the region] to do one thing superb.
When did Noah Assad enter the image?
I’ve nice respect and appreciation for Noah. I’m grateful for all of the issues we constructed along with the remainder of the group.
Noah was an worker of my firm even earlier than we created Rimas. He was employed as a supervisor of one of many artists I managed at the moment.
I used to be concerned in hospitality, meals, and different industries by my holding firm, Risamar Enterprise Group. I wanted assist, and I noticed in Noah an individual with expertise who was additionally linked in Puerto Rico. Once I met him, he was organizing some native events and dealing with a few producers who labored with considered one of our artists.
“I’ve nice respect and appreciation for Noah… I supplied him 40% of the shares within the firm… I’ve no regrets about that.”
When Rimas was created, Noah continued to be an worker — a great one.
4 years later, I supplied him 40% of the shares within the firm, with the dedication that I wanted him extra concerned in day-to-day operations. It’s pure for founders to take the subsequent step and provides folks alternatives. I’ve no regrets about that.
Noah turned completely central to Unhealthy Bunny’s growth and success.
Nearly from the start, Noah was very shut with Benito. He’s the key supervisor in his profession – that is simple.
I’ve nothing however respect and appreciation for him and his household, and for his expertise in dealing with the inventive aspect.
One suggestion in BILLBOARD’S REPORTING was that you just by no means truly met Unhealthy Bunny. Is that true?
No, it’s completely false. I met Benito whereas we have been in Puerto Rico. I used to be very personal and reserved, however Puerto Rico is 100 by 35 miles – it’s a small island.
In all probability in 2016, we have been at an occasion in Mayagüez with [artists] Jowell and Randy, and different artists who have been within the firm at the moment. Eladio Carrión was with us there too.
“I bear in mind Eladio being invited to sing at a really tiny bar, and he stated, ‘That is my pal Benito.’”
I bear in mind Eladio being invited to sing at a really tiny bar, and he stated, “That is my pal Benito.” Benito began singing Diles, one of many first songs he launched. Once we noticed that spark in Benito and the response of the folks, we noticed that this was going to be nice.
Throughout a number of events, I used to be alongside [Bad Bunny] at music occasions, Billboard conferences, even serving to him with private issues.
However I’ve a philosophy: executives within the music trade typically really feel the appropriate to regulate each single facet of an artist. This impartial enterprise took a unique strategy – inventive freedom was key within the growth of Rimas.
By 2017, Rimas was attracting critical consideration from main gamers. What made you resolve to remain impartial at the moment?
In 2017, many firms approached us. Atlantic Data began working with us, reviewing our monetary paperwork, and we have been concerned in negotiations with Interscope/Common in Los Angeles too. I needed to fly there – my group, together with Noah, was the face of these negotiations.
The identical factor occurred with Scooter Braun.
Scooter was discussing with us the potential acquisition of the corporate. At the moment, he was working with Ariana Grande and Justin Bieber, and had a robust presence in LA.
I assumed we have been able to take the subsequent step, however in the end we determined to keep up our independence.
What particularly made you flip down these provides in 2017?
We had constructed one thing particular with our philosophy of inventive freedom.
At the moment, the most important labels, even with all their sources, nonetheless needed to regulate each single facet of the artist – how they costume, what producers they work with, the artistic path.
“We weren’t prepared to surrender our freedom, even for the sources these firms may provide.”
We have been impartial and actually attempting to do one thing out of the field. I’m not the man making footage [of myself] or paying for billboards; I believe the actual ‘energy gamers’ are the artists and the artistic spirit in them. The artistic course of needed to be shielded from the borders that the majors placed on artists.
By 2017, we had confirmed that this strategy may work, so why change it? We weren’t prepared to surrender that freedom, even for the sources these firms may provide.
So what modified by 2023 that made you resolve to promote your stake in Rimas Leisure?
I’ve contractual restrictions about what I can say, however I can verify that I bought my 60% share to a 3rd occasion [in 2023]. It was time for the corporate to maneuver to the subsequent step.
I imagine in the entire skilled workers and what we had constructed throughout all these years; it wasn’t just one artist, it was agreements with many artists, catalog, procedures, workers, and a fame and community.
2023 was an ideal yr after the pandemic. Music was steadily rising, particularly Latin music. I noticed the chance, not just for me and my household after years of working very exhausting, but additionally for the corporate to get moved to a degree that I in all probability couldn’t obtain alone, as a result of others have extra sources and capability.
Are you pleased with the concept of Noah now being in charge of the corporate?
Completely, completely. I’m comfortable for a number of causes.
For one factor, I nonetheless management 60% of Rimas Publishing, which excites me essentially the most due to the authorship aspect of the enterprise.
I used to say I didn’t wish to be on the billboards or on the Grammys – I like to take pleasure in [the music business] from the couch in my home with my spouse and youngsters when among the artists within the firm are acknowledged with a prize.
It’s the identical factor with this. I like Rimas being increasingly more profitable. Each single new achievement of Rimas is a cause for me to be comfortable and grateful.
The DNA, the title of my youngsters, will at all times be within the firm.
Rimas’s partnership with The Orchard has been essential to Unhealthy Bunny’s international success. You selected to go together with their providers mannequin quite than a conventional main label deal; that was fairly trailblazing on the time.
When streaming began, there was no extra room for opacity within the music enterprise. The numbers are the numbers. I’m a man from know-how – I come from methods engineering – and I stated, “That is the brand new panorama. You possibly can’t cover the reality anymore.”
At the moment, the music trade was stuffed with opacity. Transparency was a uncommon commodity. I noticed it when combating to discover a place for a tune on the radio or combating to debate an settlement with a label firm — a scarcity of transparency, hidden prices, hidden issues. Every thing was ‘in the dead of night’.
I really feel Rimas is a part of a motion that’s altering music ceaselessly. The [availability of] spine providers – like distribution and know-how – may open the best way for brand spanking new gamers, impartial gamers, that might change the panorama of how the music trade operates.
The Orchard has completed an ideal job with Rimas and Unhealthy Bunny globally. That partnership has proven what’s attainable while you mix impartial entrepreneurship with major-level infrastructure.
Sure, and it proved that effectivity and exhausting work matter greater than the tips. It’s opening quite a lot of doorways for brand spanking new alternatives for different [labels] and artists.
I want to deal with the political controversy surrounding your background. A Puerto Rican politician tried to hyperlink your historical past with Hugo Chávez’s authorities to Unhealthy Bunny and his affect on the Puerto Rican folks. Are you able to set the document straight?
For about one yr from 2006 to 2007, I served as Vice Minister of Authorized Certainty in my nation, Venezuela.
I used to be a lawyer and a technician, with concepts to enhance establishments. I’ve no regrets. I labored for a yr attempting to enhance entry to justice and transparency – the identical issues we’re combating for now in music – and strengthen the rule of legislation.
I turned very pissed off. I spotted [the system] was unattainable to alter from inside, and I resigned from my place. I used to be by no means in an administrative or financial place dealing with cash. I used to be in institutional administration on the technical aspect of presidency.
“I’m not and by no means have been a political actor.”
Each single greenback that I invested in music is the results of entrepreneurship, working exhausting with my household and associates, taking dangers that others wouldn’t take.
I’m not and by no means have been a political actor. I’m not a member of any political occasion in Venezuela – not left, not proper. I used to be by no means concerned within the coup d’état with Chávez.
[Editor’s note: Hugo Chávez served as President of Venezuela from 1999 through to his death in 2013 – the longest-serving national President in the history of the Americas. Despite being elected three times, he is widely seen as having consolidated power by weakening checks and balances on the executive.]
The folks round me – my household, associates, the folks associated to me by the companies I’ve constructed – know who I’m and the place we come from.
Billboard reported that ‘friction’ exists between you and Noah right this moment. How would you characterize your relationship with him?
After you construct one thing as nice as we did, you’ll be able to have area for nice issues like appreciation, respect, and thankfulness, whereas not at all times needing to agree on every little thing. The factor is how you discover elevated, civilized methods to debate and discover frequent floor.
In fact, we are able to have a few disagreements, however the firm is working very properly.
We [conduct ourselves] by the procedures that the working agreements set up. If we require a gathering, now we have a gathering.
Let’s end on a optimistic notice: Rimas Publishing. You appear very enthusiastic about this. Why are you betting on the publishing aspect of the enterprise?
Rimas Publishing is a jewel. It has constructed an ideal fame. I’m very happy with the extremely skilled and moral group now we have in place.
Integrity, transparency, and innovation are the pillars of Rimas Publishing right this moment. The group is writing some of the stunning pages in music publishing historical past.
Since 2023, we’ve grown from 90 to 160 artists, and counting.
What excites you about the way forward for music publishing particularly?
The provision of knowledge and knowledge is altering the trade. Transparency will rule, and there will probably be no room for the hidden tips of the previous.
In an trade with a scarcity of transparency, while you discover somebody to let you know the reality, present you the numbers, when you’ll be able to talk about brazenly the settlement measurement and income aspect – it’s like a domino impact.
“Benito and Latin music has opened the potential for the unknown.”
That’s what’s occurred with Benito and Latin music – it has opened the potential for the unknown.
Tomorrow, there will probably be a man from Mozambique, Guinea, or New Zealand who makes use of an instrument, creates melodies, and delivers a punch line… his music could possibly be international inside two hours.
I’m comfortable to have been a part of this journey, however no less than on the [songwriter] aspect, I wish to be a part of the music that’s occurring now.
Any closing ideas on the Rimas legacy?
Rimas represents every little thing Puerto Rico can obtain. Since I left Venezuela, Puerto Rico has turn out to be crucial to me. It’s the place I developed considered one of my most essential companies, the place Rimas grew, and the place I discovered goal.
If I went again 10 years, I in all probability would have completed the identical factor.
My youngsters’ DNA will at all times be within the firm, and I’m grateful for that journey. I’m happy with it.Music Enterprise Worldwide
