Prince took top spot in 2004, banking $56.5 million to place him first on Rolling Stone's annual list of top moneymakers

NEW YORK (CNN/Money) - The artist formerly known as Prince is now the reigning king of pop music.

The rock star, who once changed his name to an unpronounceable symbol, took in $56.5 million to place him first on Rolling Stone's annual list of top 50 moneymakers of 2004, the New York Post said on Wednesday.

Prince, whose chart-topping hits include "Purple Rain" and "1999," beat out pop diva Madonna, who placed second, with $54.9 million, thanks to her "Re-Invention Tour," four children's books and the "American Life" CD, according to the Post.

The article said Madonna actually earned more from her concert tour, but Prince took home higher net earnings due to lower production costs. The Post said it took only 12 trucks to haul Prince's tour around, while the Material Girl's show demanded 24 trucks.

The third place on the chart went to heavy-metal band Metallica, which took in about $43 million in 2004, thanks to their "Madly in Anger With the World Tour," and sales of 1.4 million copies of their old records.

British rock star Sir Elton John took the fourth place with $42.9 million, according to the article.

Jimmy Buffett took the fifth spot, earning $36.5 million from his "License to Chill" album and his chain of retail stores, nightclubs and restaurants, the Post said.

Rolling Stone bases its annual list on ticket and record sales, publishing and other related revenue.