Chris Lighty has formed a venture with WMG, called Brand Asset Group designed to help take advantage of opportunities and according to the press release…..
“by more aggressively managing artist brands from all genres and capitalize on the value of those brands through corporate sponsorships, strategic and integrated marketing campaigns and comprehensive brand extensions”
Makes sense right? Warner has now positioned itself as a “content development” company and who better to bring in then the manager responsible for all of 50 Cent’s recent corporate success and who has been in the longer then “Baby Chris.”
Keyword would be on “strategic and integrated.” In my opinion the future of a company like Brand Asset Group hinge on some key factors. (Chris, Kevin Liles and James Cruz you can pay me later for this one).
- You Are Helping Brands Sell boxes of “widgets” not offsetting video costs
- Full disclosure of what the artist represents and stands for; translate the real language for corporates they have no idea what these guys are talking about
- PROFESSIONALISM (hate that I had to list this but it’s true; to include showing up on time for meetings, having representation that can do all the “levels”, fully of aware of the brand goals and vision
- Don’t abuse the corporate guy in the room with the “star-struck” eyes; They are not in your world and fascinated by the business and a life they only read about.
- DELIVER: Unfortunately the business planning cycle for a corporation doesn’t have a lot of wiggle room. The knock on music partnerships is that it is tough to get a committed date to lock into. Don’t overpromise, it will bite you in the butt. (See Kelly Rowland/Carson deal for more info)
- TECHNOLOGY: Either you see the opportunity or you don’t. I have to charge you for more advice on this one.
Great opportunity for WMG and Lighty. Best thing going for them is that they have Camille Hackney at WMG who I assume will be somewhere around this venture when she returns from maternity leave. Highly talented and smart Hackney is a rare breed that has been in the business for a long time and really “gets it.”
It will either work really well and be the model for all others to follow or fail miserably. Tough, but unfortunately the position those in the vanguard position find themselves.
Wish them well.