MogulGrind was invited to Def Jam’s Pre-Grammy party this weekend. Lots of good music, food and cool people, but educational as well.
Two gems I gleaned from the night:
1. I was curious as to how people were making money in the record industry these days. Some of the answers included, corporate sponsorships (artist partnering with brands to promote their products on albums, in social and traditional media), streaming, labels promoting their catalogs via curated playlists on various streaming services. A person I spoke with was with a company that specialized in creating global streaming strategies for major labels. She said 4 years ago they couldn’t get anyone to listen to them, it was a struggle but now business has exploded. Lastly, but certainly not least touring/shows is where a lot of money is being made.
2. Product placement can be very powerful. The party was filled with artist, #tastemakers and #influencers, etc. The atmosphere made the products that were given to guest throughout the night seem a little more cooler than norm. Case and point, as I’m drinking Core Natural water. I’m like this water has a 7.4 ph balance?! Say whaaa! (I’m assuming that’s a good thing.) And the bottle looks cool, I might have to cop it next time. Ha. You have somewhat of a connection with the product. You’ll give it a second look when you encounter it in the market.
After doing a little digging I learned that recording artist Juicy J was an early investor in Core Water and the company was recently sold for $525 million. Nice!