when Dave Mays started The Source magazine in college at Harvard University, he dreamed of turning the single-page newsletter into a full-print global magazine. But he had no idea that it would eventually be dubbed “The Bible of Hip-Hop” with over nine million readers. The initial $200 investment into The Source was supposed to feed Mays’ love for hip-hop. Instead, it fed millions of hip-hop lovers, turning Mays into an overnight success, proving lightning FOR can strike anyone who works hard enough.
The Source Awards, the broadcast offspring of the publication, became one of the best awards shows on TV with all the trappings that success brings. The Source was at the center of the hip-hop world, and its covers were blessed by the best in the business. Expansion was the only way to go for such a successful company.
As the empire expanded, Mays turned his attention to the Internet and worked to join the dot.com era. The 1990s saw the Internet as the next wonderful place to create wealth and fortune. The Source was no different. But the Internet proved to be an expensive and complicated business to navigate. Mays’ business struggled to find the same momentum, and The Source eventually failed like many other dot.com companies.
“The Source was my baby. I loved it and protected it with all my heart. But I made some bad financial decisions that ended up causing me to lose the company,” Mays said.
At the time, Mays owned 100 percent of the company. When he decided to go for the Internet, he got a loan for the expansion instead of taking an option to partner with a firm for a 50/50 split. When the .com business failed to take off, Mays was forced to turn to a private equity firm that invested money and refinanced the loan. Eventually, the firm took over the company and fired Mays. Mays lost everything.
“I built a great company and had a team of great people, but delegating was not necessarily my strong suit. I worked twenty hours a day trying to do everything myself. And it hurt me that I really didn’t understand high finance,” Mays explained. “Because of some bad decisions, it cost me my company.”
Mays understands some of the mistakes he made and lives with those decisions today. One of the hardest things anyone can do is live with the failure of a decision night after night. But they say whatever doesn’t kill you makes you stronger.
Mays will be the first to admit that losing The Source in such a public way was humiliating. Everyone knew his business, and he felt judged by everyone. Being in the public eye has its good points and bad points. It’s great when it’s all good, but it can literally suck the life out of you when it’s bad. Mays spent several years trying to figure out how it all went wrong and if he would ever be happy again.
He should be. Breakbeat currently has over 300,000 subscribers to its YouTube channel and is projected to grow to over one million in 2023. The platform has several new shows in the works. In January of 2023, the network will offer its first scripted podcast, an eight-part limited series based on the Unsigned Hype column that ran in The Source and is arguably most well-known for discovering The Notorious B.I.G, among many more of today’s most prolific artists.
“We’ve established a great home for some of the culture’s most talented and innovative content creators. And we’re continuing to build Breakbeat to be the ultimate destination for the hip-hop community in the digital world,” Mays said.
As Mays takes Apollo for a walk on the busy streets of Chicago, he can relax and know that lightning can strike twice. Your life is more than your last mistake and being in love is the ultimate win. Lessons learned and lessons applied make the opportunity for success much easier. ●
He should be. Breakbeat currently has over 300,000 subscribers to its YouTube channel and is projected to grow to over one million in 2023. The platform has several new shows in the works. In January of 2023, the network will offer its first scripted podcast, an eight-part limited series based on the Unsigned Hype column that ran in The Source and is arguably most well-known for discovering The Notorious B.I.G, among many more of today’s most prolific artists.
“We’ve established a great home for some of the culture’s most talented and innovative content creators. And we’re continuing to build Breakbeat to be the ultimate destination for the hip-hop community in the digital world,” Mays said.
As Mays takes Apollo for a walk on the busy streets of Chicago, he can relax and know that lightning can strike twice. Your life is more than your last mistake and being in love is the ultimate win. Lessons learned and lessons applied make the opportunity for success much easier. ●
