Making $ in a Digital World

People get into some aspect of the entertainment industry mostly because they love it. On the other hand we have to be honest and say people get into the industry to make money doing what they love.

Just like any other business or industry owners of companies, brands and products make money by how well they market what they have to offer. In recent years we have seen a dramatic shift in the world of marketing specifically in the entertainment industry.  Marketing is no longer about billboards and paper ads its all about being digital. Executives are asking how can we directly reach our audience and what will it take to make them market the product for us?

In a recent article I read titled “The Power of Facebook Likes”, it exemplified just how much power the consumer has in their hands and how that directly correlates into marketing stats. With new media and technology marketing is no longer the 5-man crew that brainstorms ideas in the company’s conference room. With digital marketing it has become a company effort. Companies are forced to collectively market the brand or product and be fully knowledgeable of the resources being used.

With digital marketing it doesn’t necessarily make marketing easier it actually becomes more difficult to understand just how the efforts are affecting revenue. With traditional marketing models companies where always able to see the direct connection of their efforts to the income. A prime example would be a record company looking to invest in a new artist. If xyz amount is spent in promo touring, recording etc. than record sales should reflect xyz. Now you have record companies trying to balance the pulse of an artist fan response by FaceBook likes, twitter followers, and YouTube views.

Aside from the advancement of digital marketing the digital world has become a revolution overall. It’s made for traditional thinking in business to be altered. It’s mandatory for companies to consider the digital resources that appeal to their company and completely understand how to market and make money through them.

For more info to help your organization enter the world of digital marketing here is another great article Teaching the organization the power of digital