[ad_1]
Paul McCartney performs at Glastonbury Festival at Worthy Farm, Somerset, England, Saturday, June … [+]
In the media business, there’s an unstoppable rush to capture nostalgia—from a series of octogenarian rock star concerts to the new excitement of movie theaters to the resurgence of sales of long-dead vinyl records. But having indulged my own nostalgia in recent weeks, I can’t help but think that a few innovations from the past would go a long way toward boosting the long-term prospects of expanding on these blasts.
The aging but timeless roster of rock stars’ live shows has exploded with packed arenas and hard-to-crack online ticket queues as most Covid-related restrictions end. My own personal watch list includes 80-year-old Paul McCartney and – don’t judge me – 79-year-old Barry Manilow. This was hardly even the tip of the iceberg. The summer concert lineup includes The Rolling Stones (led by Mick Jagger, 79), Elton John (75), Van Morrison (77), and, in mixed tours, The Beach Boys with 81-year-old Mike Love and (for legit). Reasons) “Beach Boys Founders” Brian Wilson (80) and Al Jardine (79). Sure, James Taylor is still a spring chicken-like 74. He’s all about legend, but he’s getting as old on the concert stage as he is on the floor of the United States Senate.
Bruce Springsteen is still only 80 – 72 – way, but controversy over sky-high ticket prices for his 2023 tour may put some limits on top rock tours. Ticketmaster (with the artist’s consent, of course) instituted “Flexible Pricing” on Platinum tickets for up to $5000 for some seats. These prices are almost unheard of in the secondary market but have sent some shock waves through the initial ticket buying fandom. For the music business, there aren’t many Bruce-clones to create that level of price-ignorance and it doesn’t seem like much of a strategy to build a long concert fan base going forward.
Like many, I went back to the regular movie theater to watch it. Top Gun: Maverick. The film benefited from worldwide acclaim from critics and moviegoers and the desire for a film with an “old-fashioned” movie star, lack of CGI-special effects, and a human story at its heart. But if my experience is anything to go by, theaters are still living like no other. More Crazy-priced deals and the most amazing array of upcoming attractions don’t suggest an easy return to pre-Covid times and lasting appeal to a wider audience.
I was late to the vinyl comeback party, but now I’m smilingly immersed in a world that’s not limited to nostalgia, but is clearly energizing. My family loves and laughs at the new obsession of finding alternative record stores – remember them? – Wherever we go. Having sinned away from my massive record collection years ago, I’ve compiled a small but precious group of albums that are no longer available on streaming or still benefit from the sound of an expensive analog-based turntable. This is no lark—vinyl record sales are projected to grow 61 percent to surpass $1 billion a year by 2021, nearly double CD revenue.
The extraordinary spending on content libraries over the past few years reflects the reliance on legacy artists and popular content catalogs. Bob Dylan’s music publishing and recording rights have been sold for a total of $500 million. Springsteen went for the same amount. David Bowie’s rights pulled in $250 million, and Neil Young’s library rights took in just half that, $150 million. Sony alone spent more than $1.5 billion on publishing and recording rights. And of course, beyond music, Discovery merged with former Warner Media, in part to collect more than $50 billion in debt from former owner AT&T.
T
Owning rights and exploiting them are two different animals. For those looking to maximize their return on “nostalgia” investments, I suggest at least three areas that should be given special attention – from niche products to content to talent.
Invest in user experience
The vinyl revival isn’t about having a big round disc in a cardboard envelope. And it’s not just about finding the music itself. The vast majority of music content – especially with any meaningful historical or nostalgic value – is available on streaming platforms. But listening to vinyl requires the user to physically hold the music, put it on a player, hear the needle drop as the music is about to start, and then listen to the music (if the speakers are good enough) unlike listening to a phone or smart speaker.
Organizers of live concerts and movie theater owners should take note (quite a few, actually) of how to reinvent their own customer experience. Do you think you can serve food other than most fast food volume game? They didn’t even open a kosher food service for Manilow in New Jersey. Maybe they know their displays better than I do, but even a slightly customized experience doesn’t say much. How about creating more unique memorabilia than t-shirts and CDs that even older audiences don’t want? These are passionate fans! As for movie theaters, despite changes on the fringes, it is decidedly no better than it was before Covid. They didn’t learn any lessons there.
Invest in an older audience
Decades ago, at CNBC, we preached the value of an older, affluent audience, pushing our advertisers to pay attention to — and pay more for — their premium products instead of slavishly paying viewers 18-49 or older. 25-54 years old. That’s not an unusual position for a TV network. This does not mean that promoters and venue owners should post sponsorship banners for pharmaceutical companies at Beach Boys concerts. Instead, look at the lifestyle choices of people who spend a lot of money and how you can access them in new ways and sustainably. What are the drivers for those audiences who are simply out of higher ticket prices to see old acts on their “farewell” tours?
Invest in next gen technology
There’s no word more toxic than crypto in many media circles these days, but that shouldn’t detract from the virtuous growth of using value and nostalgia on platforms like Metaverse (aka Web 3.0). During Covid, the new users of video games are approximately 66% female and 56% over the age of 45 – these are the “friendly” audience. While buying virtual apparel, or NFTs, may seem strange to many outside of today’s youth scene, there are many opportunities to use digital assets technology to create not only one-time, but lasting value from specially edited content clips to personalized digitization. The more “signatures” you get used to and love the root IP, the more value can be unlocked. As long as content owners act as brand stewards rather than quick buck artists, there are plenty of reasons for business innovation here.
[ad_2]
Source link
