Michael Jackson - advertising icon with great potential
As the world slowly comes to terms with the death of Michael Jackson, the enormous licensing potential of the star's music and likeness is becoming increasingly clear. David Reeder, Vice President of rights clearance company Green Light, sheds light on the potential marketability of the icon.
Michael Jackson's tragic death has cemented his transition from pop music superstar to world-famous brand, David Reeder said in a communiqué on Wednesday. However, how the estate administration deals with the overwhelming public urge to commemorate the artist will be a crucial factor in preserving both the memory and the quality of the Michael Jackson "brand". With regard to the management of the estates of deceased celebrities, the legal specialist Green Light distinguishes between several phases, especially in the case of stars who, like Michael Jackson, died prematurely, Reeder continues. The first phase is the initial shock caused by the death, which is usually followed by a chaotic outbreak of grief. In this phase, there are numerous opportunities to conclude quick, simple merchandising contracts from a licensing perspective. In some cases these may seem very sensible for the estate, but in others they could reduce the future value of the brand. To protect the brand, it is also important to safeguard against inferior imitations. A decisive factor here is a network of representatives in various markets in order to recognize and prevent illegal activities, says Reeder. This is the only way to minimize brand piracy and its damaging effect on the brand.
The Michael Jackson brand has excellent prospects for longevity, perhaps even more so outside the US than within due to his worldwide popularity, writes Reeder. There is reportedly a catalog of more than 100 titles that can be released over many years, which will strengthen his brand recognition among current and future generations. David Reeder's advice regarding Jackson's estate: Currently, saturating the market with merchandising products should be avoided - there is a risk of doing too much of a good thing, he said. By increasing the advertising share of licensing contracts and the chances of merchandising contracts, further opportunities can be opened up to exploit the brand and increase its value. Finally, the reach of the Michael Jackson brand should be extended to consumers in all markets around the world.
The Michael Jackson brand has excellent prospects for longevity, perhaps even more so outside the US than within due to his worldwide popularity, writes Reeder. There is reportedly a catalog of more than 100 titles that can be released over many years, which will strengthen his brand recognition among current and future generations. David Reeder's advice regarding Jackson's estate: Currently, saturating the market with merchandising products should be avoided - there is a risk of doing too much of a good thing, he said. By increasing the advertising share of licensing contracts and the chances of merchandising contracts, further opportunities can be opened up to exploit the brand and increase its value. Finally, the reach of the Michael Jackson brand should be extended to consumers in all markets around the world.
