How have you been?
Before we start with the topic, I want to share how I came up with this in the first place. Music is a part of me and the only time I am not listening to songs is while attending lectures. So one fine evening, I was listening to “Marguerita” by Elvis Presley just when the next song on my playlist started to play. The song was “Something Just Like This’ by Coldplay and it got me thinking how the world has shifted from “Rock and Pop” to “EDMs” just like it shifted from Mr Obama to Mr Trump.
On researching more on the topic, I found that the EDM business has been growing immensely and is worth $7.4 billion currently (as of 2018), which is 60% more than its value 4 years back. You can check the same here.
In this article, I’m going to share my insights on the topic and how brands can make use of EDMs to grow their business.
EDMs vs Traditional Music
EDM is easier and cheaper to produce compared to traditional music because unlike traditional music, it doesn’t require any musical instruments for production. Hence even international artists can be hired at low rates for an event.
“Rock is for loyalist; EDM is for everyone”
I recently came across this statement, “Rock is for loyalist; EDM is for everyone” and started to analyse its seriousness. I realised that ‘Rock and Pop’ music, back when it was popular, was all about apprehension and expressing individuality, which the youth in the past stood for. I am not saying that Rock and Pop is not loved by people today, of course, there is still a tribe of old school souls (including myself), who love Pink Floyd and The Beatles more than the trendy EDMs.
But if we see the bigger picture, the new generation today (especially millennial) likes ‘chilling out’, dancing in a group to thumping beats and that’s why they are moving to this trippy and happy feel of electronica. I recently came across an article telling how EDMs can sell almost anything. It explains the 2016 video collaboration of Volvo XC90 with the EDM megastar Avicii, which engaged 35m+ views. Volvo’s chief executive Håkan Samuelsson announced that sales of the XC90 had “exceeded its expectations”. And it’s safe to assume that, for at least some parts, engagement with the EDM star Avicii resulted in this kind of customer response.
No to Yes?
Earlier in the 90s, it was next to impossible for a dance music event to get any sort of sponsorship. But now the brands find market potential and spend millions on trying to get into activities involving EDMs. Some of the big brand names involved are 7up, Emporio Armani and Bud Light.
Undoubtedly, DJs are the music world’s new demigods. The ticket deals once delighted in by musicians like Pink Floyd and Metallica, have — in the ongoing past — turned into a space for DJs like Tiesto and David Guetta: the rulers of electronica!
Wondering if you can make most out of your business by involving EDMs? I believe we have a lot to learn!
Thanks for reading!