A Loud (Business) Opportunity

As deep sounds of bass and building synths shake the festival grounds, a feeling of anticipation is prevalent among the masses of youth staring in one direction, waiting. The music builds like a roller coaster inching up a slope and when it hits the peak, it drops. Although the crowd knew it was coming, they erupt off the ground in an almost synchronized fashion. Smoke fires into the sky and hundreds of strobes shine in alternating patterns. The DJ throws an arm up in the air and smiles at the crowd’s bliss. A connection is felt between both parties and the romance continues into the late hours of the night. Arms sway, people dance, euphoria is present; this is Electronic Dance Music (EDM).

This genre of music is a staple of the millennial generation. Some people can’t understand why it has grown so much, but the fact of the matter is that it’s here, and it’s not going away. Which is why corporations need to recognize the tremendous (and profitablebusiness opportunities at-hand.

The genre has the ability to transcend cultural boundaries and unite people under one shared passion. This aspect alone is reason enough to get involved, as the potential to get more “bang for your buck” is huge. We are talking a global community at your fingertips, constantly listening and sharing through social platforms and mass festivals. Producers from all around the world travel across the globe to bring their own style and mixing with others to continuously create new content that spreads like wildfire. (Which is the best part!) The viral content is already produced by the DJs leaving more green in corporations’ pockets, and not to mention genuinely engaged consumers.

The consumer essentially drives the market for products and corporations react to meet demand. Hence why this year has seen the spawn of new music festivals at a record pace and the increasing awareness of already established ones, such as Ultra Music Festival and Electric Daisy Carnival. Events are even starting to broadcast live streams on YouTube including Tomorrowland, which is arguably the biggest Electronic Music festival in the world.

EDM caters heavily to the 15-25 age group, and the opportunity is ripe for brands to start building relationships. A majority of the people that attend these concerts are doing it because they have a genuine love for the music and enjoy the overall concert/festival experience. Some companies have already taken notice of these passionate fans, such as iHome, mentioned in the link above, and Ralph Lauren’s Denim & Supply, who partnered with Avicii earlier in the year https://dlouhygaragedoorrepair.com/. By associating your brand with these passions, a company can create a strong, long-term connection. Businesses obtain their profits and the consumers get their music, it’s a win-win for everyone.

For example, Justice partnered up with Red Bull to create this extremely entertaining music video:

 

 

Still interested in more? Check out this Rolling Stone interview with Skrillex or Billboard’s article on the “The Branding of EDM.”

Cover Photo Source: abe McIntyre via Flickr

 Alex is a Junior Executive at SJG. He is currently earning a BBA from the Stephen M. Ross School of Business at the University of Michigan.