As music consumption continues to evolve, money from big brands has become increasingly important. Sponsorships, licensing, ongoing initiatives like Converse's Fader Fort and more, all help power the modern music industry's engine. Just ask Jay Z who nabbed $5 million from Samsung for 1 million copies of his latest album. But are brands benefiting from their relationship with music? Top as agency Edelman offers 5 ways that they can:
1. Fish where the fish are - "In a fragmented music market, it’s essential that brands meet consumers in their native music-listening environments... Although opportunities for brands to engage music listeners are vast, brand-plays on music streaming services like Pandora, iHeartRadio and Spotify are ripe for consideration."
2. Do some sensory research - "Forget pushing products right out of the gate and get a feel for the target market’s passion, listen to their playlists, go see a live show, taste (and smell) the festival food. Perhaps the brand will even discover its own music identity in the process."
3. Gain listeners for the long haul - "Engagement with them is as simple as finding a common musical interest and committing to staying in touch."
4. Add a “wow” factor - "The music scene can be loud in more ways than one, and getting a brand to stand out among the crowd can seem like quite a hurdle.... The next best thing could be right under your nose. Creatively leveraging sponsorships, partners and social media can do wonders.
5. Practice what you preach - "If your brand is looking to communicate with music fans, keep an arsenal of knowledge about the music industry."
What do you think of Edelman's advice to brands?