This blog post will evaluate the article made by FRUKT AND NEXT BIG SOUND. It will discuss the relationship between artists and brands with advisory ideals of the outcome between the two.
Companies will use benchmarking to set a new measurement of standards and quality; they evaluate things like products, programs and strategies. The objective of doing this is because they will then know what sectors need improvement and discover how competitors reach better goal/targets compared to their own.
FRUKT and NEXT BIG SOUND have written an article that explains the current situation about partnerships between brands and entertainment. The content is broken down into 4 key sectors: Partnerships Involved, Big Data, Exchange Rates and A New Valuation Model.
The first topic explains how artists should aim less in securing short-term lucrative deals with brands and more about a long-term play. There are more non-monetary benefits that both parties can achieve and it isn’t just artists who are the only ones feeling the economic pinch but brands as well.
The next subject talks about how brands can achieve more awareness on platforms like social media through partnerships with celebrities. Brands spend billions of dollars each year to engage and interest customers, however in comparison to artists they have got millions of followers from websites like twitter. Together they could benefit and achieve much more through on going campaigns and social media exposure.
It then goes on to express the attitude among artist managers and their opinion towards striking an alignment with brand partnerships is essential. They justify which type of brands from food to technology that artists prefer to choose, as 8/10 were interested in some form of equity in a brand campaign. They desire to generate scalable income in alliance with brands, instead of one off payments.
Lastly, FRUKT and NEXT BIG SOUND talk about their system that compares different artists to gather a perfect insight, as to which brand they will be most suitable for. They can observe the act of a campaign in real time and check which artists are reacting the marketplace. Overall the establishment can form the perfect partnership between a brand and artist.
The article points outs that upcoming musicians have the tendency in partnering with brands to earn large sums of money. This puts a negative spotlight on upcoming artists and reminds me of storylines that WWE (World Wrestling Entertainment) have produced in the past. There have been previous encounters when wrestlers have chosen to join the villainous authority and been handed the easy route as champion instead of truly earning it. These wrestlers have been considered to turn ‘heel’ (evil) and are booed by crowds. To Conclude, I believe that the fans that reject these kinds of wrestlers will share a similar response for artists who prefer to do one off payment with other brands.
Are one off payments from brands to artists really that bad?