Thursday, October 30, 2014

Other industries have a lot to learn from Hollywood

http://www.economist.com/news/business/21629377-other-industries-have-lot-learn-hollywood-creative-capitalism

Perhaps Hollywood’s most remarkable skill is in launching brands that achieve global prominence in a matter of days. Each film is a separate product that needs its own marketing, and the stakes are incredibly high: if it has not gained sufficient momentum by its opening weekend, it may sink without trace. Studios spend vast sums on promotional campaigns, often as much as they spend on producing the film itself. Businesses that are sceptical about the value of marketing, and about the possibilities for creating consumer awareness rapidly, should look closely at how Hollywood manages to come up with new brands on a near-weekly basis. The key is to treat the marketing as a core part of the project, rather than as an afterthought.