Marketing gone good meets management gone bad.
As a business that helps women build a profitable business, and gets their message online fast – I was shocked when I heard Lady Gaga went bankrupt. It bordered on the concept of absurd – but along the financial struggles of people like Michael Jackson – somehow super stardom doesn’t protect the talented.
So why would this be the case?
It is easy when you break down where most recording artists make their money. It’s not their CDs, or recordings, or sold=out concerts, or even movies – it is the T-shirts and goods they sell.
It is like the myth of how many major companies make their money.
For McDonalds it isn’t the hamburger and fries – it is about the real estate.
For the toy company Lego – it’s the World’s #1 Tire Manufacturer.
For Google, they’re not there to help with the search – it’s ad revenues.
When you know where you make your money as a business – you know how to leverage it, and wrap your activities around it.
Why have a concert – to sell goods.
Does the audience benefit from the music, her presence, and her energy – absolutely.
But even though many artists don’t like the ‘marketing’ part of being an artist – or watering down of a brand, the reality is, what it is. And to have someone like Lady Gaga go bankrupt, is ridiculous and her team was irresponsible. When you build your team, like with any business, you have to, even as an artist, stay aware of your bottom line.
Find out more at: Lady Gaga goes Bankrupt – 3 million in debt
Bestselling Author of 31 Days to Millionaire Marketing Miracles