With the projections of the music industry doubling by 2030, this bodes well for the music and brand partnership space.
Today, more and more brands are utilizing music as part of their marketing mix. And the music industry is actively seeking out these opportunities as a key piece of their artist marketing efforts. Last year the spend on music by brands reportedly topped $1billion and has grown double digit percentage points for the last few years.
With this kind of attention (and investment) those working to bring together music and brands have a new responsibility. The need to continue to show value in order to see this space grow.
It is no secret brand deals in sports can carry a huge price tag. And it seems every new movie release has brand partners promoting the property.
What can we learn from these models to help when music and brand intersect?
First, we can learn from sports how important it is to quantify the “R” in “ROI”. Marketers have a set of tools, measurements and results to help justify (or not) their marketing investments. This measurement isn’t always as clear or easily accessible in music. Ways to leverage music are so varied, with each activation being unique. Finding consistent measurement methodology is difficult, but not impossible.
Second, the movie industry has a shared value model based on clear objectives. Movie makers want as many people in the theaters opening weekend to see that film, and will many times look to brands to bring media and reach to promote. Brands can then tell their stories through the lens of those movies. A model that promotes equally as hard the movie and the brand.
In music, sync of the right music to the right tv commercial is both measurable and creates value across the board – music makers, labels, brand, fans, etc…
As we dig deeper, there are ways to create even more meaningful, impactful partnerships between music and brands – artist partnerships, tours, original content, streaming platforms, media partnerships, and the list goes on. This is where it gets more complex, but the return can be high for everyone.
Music and brands have to continue to collaborate and learn from each other. The collaboration keeps growing. Ten years ago there were very few bridges between the two worlds. That’s not the case today, which is great. There are relationships being built versus transactions being made.
Today the brand world needs to better understand how the music industry and music makers earn money. And the music world needs to understand how the brands they are talking to make money. This will allow both to create more meaningful value for each other. Value that can be measured. Value that can fuel continued collaborations.
When the convergence of music and brands works well everyone wins. More fans can discover and share more music. Artists cut through the clutter. And the music industry and brands share the value of stronger marketing.