Opinion: Why brands need a chief entertainment officer
It’s 2021 and the world we once knew is no more. It’s harder than ever to cut through the noise of a busy digital landscape. So, when events come back, they will be more important than ever.
In 2020, partnerships ran rampant and were a big success. In 2021, these collaborations between the entertainment business, brands and tech platforms are going to continue to accelerate.
How can your brand and platform take advantage of this growing trend? How can you capitalize on the arbitrage opportunity of utilizing music to enhance your brand relevance? How can you make meaningful connections with consumers by leveraging the elusive and confusing world of culture marketing? How do you properly align with an artist and capture their fan base?
In short, “What does your brand sound like?”
There are many ways to answer this, but my recommendation is to hire a chief entertainment officer.
This highly specialized team member is a game-changer that every company and platform needs right now. They focus on relationships, strategy and revenue while managing partnerships across the entertainment space. They know the nuances of maximizing and integrating these atypical partners into the overall marketing plan and brand strategy of your company.
Whether it’s content creation, events, licensing, influencer marketing or capitalizing on key cultural moments, it’s important to have someone in-house to build out your business in new, exciting ways.
Brands, entertainment and the tech world are now intimately interconnected. There are so many players to keep track of: creators, artists, managers, agencies, labels, platforms, DSPs, media companies and so on. Sure, there are blanket, large-scale deals you can do, and in many instances those are important. But the real ROI will come from measured bets in a diversified way across multiple areas of entertainment. That’s how you build a differentiated brand and create a deeper, more meaningful relationship with your consumer.
The urgency of this need may vary from sector to sector, but we have reached the point where every business can benefit from a chief entertainment officer.
Early-stage company looking to break through? You need growth through partnerships and understanding where your brand should be activating in culture. Late-stage company looking to stay relevant? There are big opportunities to create meaningful collaborations that will enliven your brand.
Yes, social media is measurable and effective, but it’s also crowded and uninspiring. Companies are still winning with Blandivity and Facebook Ads, but that well is drying up quick. There is a desperate need for better content and ways to leverage talent “at the speed of culture.”
A new trend
Many companies haven’t considered a chief entertainment officer because it is a new trend. It differs from chief marketing officer in that it is solely focused on navigating the entertainment landscape. Companies including Splice and Peloton are exploding because of chief music officers who help them navigate the complicated world of music and culture.
These hires should have an even bigger scope, overseeing everything from the current (daily) climate in entertainment, music marketing, esports, streaming and audio, influencers (short-form video), tech platforms and the sports world itself (deals with athletes, teams and platforms).
This person should be capable of doing entertainment partnerships that utilize taste plus data to identify synergies and create strategic partnerships that maximize the product experience for artists, brands and consumers alike.
There is also an opportunity to leverage early adoption of tech to grow your brand. This is a surefire way for your brand to stand out in a positive way no matter what stage company or consumer demographic you are talking to.
The chief entertainment officer role also consists of:
Creating IP that drives a level of cultural impact far beyond the usual ROI. This will also include licensing of music.
Leveraging the pulse of culture and evaluating your key brand objectives to determine which artists are best suited to your campaign, formally engaging all key stakeholders and managing them through successful execution.
Whether partnerships or custom activations designed to deeply and authentically immerse your brand into key moments in culture.
Trends and insights
Providing a unique lens of expertise alongside a proprietary algorithm, brands can better understand and improve their relevance across the cultural landscape and DSPs.
The chief entertainment officer role is no longer a luxury, it is a necessity. Savvy brand managers will make an impact on culture and capitalize on both the indie and major label businesses.
Not ready to bring someone in-house? Brands can hire a firm like ours to help them navigate the industry and find opportunities for their brand to more deeply align with music, both as an overarching strategy and on a case-by-case level.