Free-to-Attend Event: Monetising Fandom

monetisingfandomspeakers2x2Join us on Wednesday 17thJuly in central London for MIDiA’s next free-to-attend event: Monetising Fandom in a Fragmented Content Landscape. Regular attendees of our events will know that they combine great new data and analysis with insightful panels and a mix of attendees not quite like at any other event, with representation from across multiple industries.

Next week is a big one. We will be showcasing a brand-new stream of data for MIDiA: audience fandom. With audiences fragmenting across so many different platforms, formats and content genres, the attention economy not only puts pressure on every form of content, it also necessitates a complete rethink of how we measure success. Pre-streaming, success was much easier to understand: album sales and TV ratings were nice, simple-to-measure metrics. Now though, audiences are spread across a host of different platforms, sometimes consuming, sometimes simply engaging with social or promotional content. It all contributes to the artists’ brand impact, and in the era of the attention economy, extended brand reach is more important than it has ever been.

In this event we are going to showcase our latest audience insight data on music artists and TV shows, and we will present our case for an entire new way of measuring and understanding success.

The event itself will include a keynote presentation from Mark Mulligan, followed by a panel discussion featuring representatives from TikTok, ATC, Kobalt and Spirit Media.

Follow this link to sign up (fully-refundable deposit required).

For those of you who are not in London, a live stream will be made available on our Facebook page at 18.30 BST.

The Artist Marketing Playbook Needs Rewriting

The whole essence of fandom is being turned upside down. An emerging crop of streaming-native artists is finding its audience in a much more targeted and efficient way than via the traditional music marketing. Instead of blowing a huge budget on carpet bombing TV, radio, print, online artists and their teams are finding their exact audiences, focusing on relevance and engagement rather than reach and scale.

The traditional model is great at creating household brands but so much of that brand impact is wasted on the households or household members that are not interested in the artist. Niche is the new mainstream. Targeted trumps reach. But too many label marketers fear that unless they use the mass media platforms, they will not be able to build national and global scale brands. They might be right, at least in part, but this is how the future will look and new marketing disciplines and objectives are required. Here’s some brand new data to show why.

midia index music fandom

Since Q4 2016 MIDiA has been tracking leading TV shows every quarter for awareness, fandom, viewing and streaming. Since the start of 2019 we have been doing the same for artists, with viewing swapped out for listening. These metrics provide a rounded picture of an artist’s full brand impact and consumption, while the ratios between these metrics give a unique view of just how individual artists are performing and of the impact of their respective marketing strategies. Later in the year we will be feeding this data into Index for Music,a unique new dashboard tool to combine with data from social platforms, streaming, searches, reviews and other metrics that create an end-to-end view of artist impact. We have already built our Index for Video tool which you can find out more about here.

In the above chart, using the consumer data component of Index, we have taken a contiguous sample of the five artists that represent the mid-point of each third of the rankings (i.e. top, middle and bottom) for two of these ratios:

  • Fandom-to-streaming, which we call Streaming Conversion
  • Awareness-to-fandom, which we call Brand Conversion

The results show some very clear artist clusters with clear implications for artist success and marketing strategy (remember, these are ratios not rankings of how well streamed or popular they are):

Streaming Conversion

  • Rising streaming stars: These artists have twice as many people streaming them as they do fans. These artists are largely younger, frontline artists that are building their careers first and foremost on streaming platforms. These are artists that have not yet built their fanbases but are being pushed hard by their labels on streaming and elsewhere. Their listening is being driven by promotional activity. Pusha-T is the exception, a much longer established artist.
  • Established artists: These artists are largely well-established artists whose streaming audience penetration correlates with their fanbases. Their listening is largely organic. Dua Lipa is the exception, still relatively early in her career but already with an established fanbase driving organic streaming.
  • Low-streamed superstars: These are artists that built their careers in the pre-streaming era and while are household names, have streaming audiences smaller than their fanbases, not having managed to migrate large shares of their audiences to streaming

 

Brand Conversion

  • Heritage superstars: The majority of people who know these big heritage acts like them. In some ways brand conversion is an easier task for such artists than frontline artists. As they have been around so long, it tends to be the very bests of their catalogue that people know. The fact Queen outranks the Beatles is testament to the way in which the biopic Bohemian Rhapsody has created new relevance for the band.
  • Big brand artists:This eclectic mix of artists are – Julia Michaels excepted – well established artists that have benefited from years of label marketing support, with about half of all people that know them liking them.
  • Over-extended brands: One of the most important changes wrought by streaming and social is that fanbases no longer need to be built via mass media. However, big artists, especially major label ones, still rely upon mass media to become global stars. The result is a lot of wasted marketing budget. In this group, which is dominated by Hip Hop artists, more than half of the people who have been made aware of the artists do not like them. The marketing dollars spent on reaching those people has not converted.

We will be diving much deeper into this data in a forthcoming MIDiA client report and also at our next free-to-attend (depose required) event in central London: Managing Fandom in a Fragmented Content Landscape. Join us at the event to get a sneak peak of MIDiA’s artist data and our Index tool. All attendees will get a free copy of the presentation. In addition to the data key note there is a panel featuring people from Kobalt, TikTok, ATC and more to be confirmed. Sign up now, only limited places remain!

See you there!

Television Performance Measurement Is Falling Short

TV measurement needs a new measurement currency for the streaming era. At MIDiA we’ve spent the last year working on a solution: MIDiA Index. So excited to be able to share news of it with you. Let me know your thoughts.

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When the television first entered homes around the world, it was a safe assumption that if it was on it was the centre of attention in a room. Whatever was broadcast to the screen for that evening would be closely regarded with well-deserved awe. The household TV set could depend upon its audience.

Today, however, it is no longer sufficient to assume that a) there is a TV set, b) anyone is watching it and c) what is on it is even being paid attention to. Yet the traditional measurement metrics that the industry still relies upon fail to reflect these distinctions. With multitudinous offerings, attention economy oversaturation, and smartphones and laptops more pervasive than TVs, the difference between a television playing idly in the background and a show holding millions in rapture is more critical than ever. It is no longer enough to measure by simply looking at what’s being played on a screen, whatever screen it is you are measuring. Instead, measurement needs to go beyond this to understand what’s being actively watched, how, and what sort of brand impact it is having.

Of course, innovators have entered the marketplace with attempted solutions to the pitfalls of traditional tracking in a modern world; social media stats and public demonstrations of sentiment are the first steps in bridging the gap. Nevertheless, we can do better. And, as a matter of fact, at MIDiA Research we have done exactly that.

INDEX

Our proposition: a single dashboard for shows that pulls every metric you need into one place underpinned by a new currency for audience measurement. We call it MIDiA Index. Index gives you dashboards for all the shows you need to track, comprising demographics, viewing metrics, streaming metrics, social activity, show fandom, brand awareness, audience demand, and market share – including trends over time, in different regions, and across networks and streaming services – with all of the information literally at your fingertips to peruse and act on. MIDiA’s Index combines streaming data, social data, and our own proprietary survey data and market models, putting together a complete picture of show performance. MIDiA then applies a sophisticated series of algorithms to these inputs to create an overall MIDiA Index score, our measurement benchmark that we believe can become a future currency for measurement; a way of immediately understanding the combined engagement, fandom, demand and brand impact that transcends platforms and devices, digital and analogue. Looking at shows from all of these angles, trends that would otherwise be missed, instead come to the fore.

Whether you are a TV network tracking your own shows in comparison to other networks, a TV operator looking to benchmark the real value of the shows you have licensed or an advertiser wanting to get a much better sense of which audience your brand should be targeting, our goal is to help you understand the true value and impact of a TV show in the digital era. Our aim is to help our clients to understand not just the face value of a show’s relative success, but how it has been performing, why, and what the ongoing opportunities are.

If you’re still curious just get in touch with Tommy King. We’re in our final weeks of testing and getting ready to take Index on its public debut. Let’s start the conversation now.

Niche is the New Mainstream

Fandom is fragmenting. Streaming personalization and falling radio audiences are combining to rewrite the music marketing rulebook, ushering in a whole new marketing paradigm. Hits used to be cultural moments; artist brands built by traditional mass media. However, this fire-hydrant approach to marketing lacked both accountability and effective targeting. Now, hyper targeting, both in marketing campaigns and streaming recommendations, is creating a new type of hit and a new type of artist. Global fanbases are being built via the accumulation of local niches, while a few big hits for everyone are being replaced by many, smaller hits for individuals. Niche is the new mainstream.

The marketing rulebook is being re-written

Three trends have reshaped how music marketing works:

  1. Digital targeting: The rise of social media provided label marketing teams with masses of data and unparalleled targeting
  2. Linear decline:The steady decline of linear radio and TV audiences is eroding these platforms’ contribution to music marketing effectiveness
  3. Streaming curation:Streaming algorithms and curation teams are overriding label marketing efforts, delivering users what the streaming services want to deliver rather than what labels want to

fragmented fandom midia research - niche is the new maiostream

Artist marketing used to be about building exposure and brands across mass market analogue platforms. With radio, TV and print all in decline – especially among the crucial younger audience segments – that approach is being replaced with targeted digital campaigns which in turn are fragmenting fandom and transforming what global fanbases look like:

  • The marketing transition:Marketing of media brands is locked in a transition phase, moving from the old model of one-to-many messaging to targeted digital campaigns. As in all transitions, the old and new models will co-exist for some time. For music marketers though, there is a greater need for emphasis on digital because this is where the younger music fans are that are so crucial to the success of so many frontline acts.
  • Democratization of access:In the old model, mainstream linear media (TV and radio especially) was the power tool of big record labels. Access to these finite schedules is inherently scarce and bigger record labels have an inbuilt advantage due to their scale and influence. In on-demand environments access is democratized, with anyone able to run their own self-serve campaigns on platforms such as Facebook, Snapchat, YouTube and Google search. The result is that labels and artists of all sizes can reach their global audiences.
  • From cultural moments to cultural movements:Linear schedules have the unrivalled ability to create simultaneous audiences at scale around a specific piece of content. Creating these cultural moments remains the crucial asset that TV and radio bring. But the weakness of this approach is that much of the impact is diluted. It is carpet bombing compared to the laser-guided missile of digital marketing, resulting in a lot of wasted exposure and effort. Mass reach is progressively less useful for driving fandom. Against this, the hyper-targeting of digital creates super-engaged fanbases that can often thrive under the mainstream radar. Kobalt artists such as Lauv (2.5+ billion streams) and Rex Orange County (0.8+ billion streams) are examples of this new paradigm, creating global-scale cultural movements rather than linear cultural moments. Niches thrive in this world of fragmented fandom, but niche no longer inherently means small. Indeed, the cumulative effect of many local niches is global-scale fanbases. Niche is the new mainstream.

The old living side by side with the new

As when every new paradigm shift occurs, the old and the new will live side by side. There will still be plenty of artists that appeal to younger audiences that become household names too across mainstream media – look no further than Billie Eilish. But make no mistake, the shift is happening. More and more global artist success stories will happen outside the mainstream. These fan bases will be increasingly passionate and loyal, acting as strong platforms for building impactful artist stories. Success will be built around audiences that want a piece of everything that artist has to offer, from streaming to merch to tickets. This is how independent artists and many independent label artists have been building careers for years. They no longer have the exclusive, however.

Fragmented fandom is an asset, not a challenge

Artists that once would have been household names – mass media brands with large but often passive fanbases – are now rising as under-the-radar superstars. It has never been more important for this to happen. With streaming pushing more listeners towards tracks and away from artists and albums, building passionate clusters of fans is not just key to success, it is the very thing that success will be built on. Fandom is fragmenting but it may be the best thing that has ever happened to it.

This blog post pulls insight from a forthcoming MIDiA report Music Marketing: Niche is the New Mainstream that will be published in MIDiA’s new Marketing and Brands service. To find out more about how to get access to this research practice – a must have for anyone involved in marketing of media brands – email stephen@midiaresearch.com