with the celebrity’s image. By Sray Agarwal
No matter how morbid it sounds, Michael Jackson’s death has given a new lease of life to Hollywood’s ailing economy. As in life, even in death, everyone and anyone remotely associated with Michael Jackson (including his dear dad) is busy using his name to build up their respective bank balance. Just a couple of hours after Jackson’s death, the music industry re-launched many albums of Jackson and overnight a few of his songs booked top slots of charts. So much so that even eBay, iTunes and Amazon saw a new surge in demand related to Jackson products and merchandise. His father also joined the frenzy. Just three days after his son’s death, Joe Jackson was spotted on CNN’s Red Carpet casually plugging his new record label, Ranch Records. Buzz is that Joe is even lining up Michael’s children for a world tour as The Jackson Three next year. Even rapper Akon is suddenly touting a song with Jackson in his new record; and earlier this month Madonna too paid tribute to the singing sensation at London’s O2 Arena – where Jackson was supposed to perform – of course, to packed audience!
Gloomy as it may seem, marketing the dead is actually a billion dollar industry. A dead product (read: a dead celebrity!) has all the attributes that are required to make a brand. They have a fan following, they are idols, they are memorable, they are likeable, they are valuable and above all, as they are no more present to pamper their fans with their performance, their very names are cash cows for smart entrepreneurs. Barry Silverstein, a marketing consultant and co-author of the McGraw-Hill book, The Breakaway Brand spoke to 4Ps B&M and gave his take on the trend. “I believe using dead celebrities as part of a marketing program is both a short and long-term strategy. It’s short-term because marketers can capitalise immediately on a dead celebrity who dies, but it’s long-term because, as has been proven with Elvis Presley, a dead celebrity’s aura can live ten, twenty, or fifty years, thus providing a smart marketer with an ongoing path to potential sales and profits,” he says.
As per the Forbes’ list, the top 13 dead celebrities generated $242 million in 2007. Firms like CMG Worldwide and the Richman Agency (now a part of Corbis) buy the licence and intellectual property rights of dead celebrities. CMG boasts (even today!) clients like Rosa Parks, Marilyn Monroe, James Dean, Jesse Owens and Babe Ruth among its clientele. While the Richman Agency has few from non-glam world, CMG and Corbis receive 20% of the profits from any endorsement. Adds Barry, “Once a celebrity is gone, they will never act, sing, dance, speak, or perform again and that makes every collectible and every image associated with that person truly valuable.” Take Elvis Presley. He has still not lost his essence and stands firm in this highly competitive world... uh, the world of dead celebrities. According to Forbes Magazine, around 600,000 people visit Presley’s home every year. Elvis has already sold 118 million record albums and around 500 million commemorative Elvis US postage stamps were sold after 16 years of his death. But with Michael Jackson’s sad and untimely death, Presley’s top slot seems to have found a close competitor. Marketers are even planning to commercialise Michael Jackson’s estate in the lines of Elvis’ estate.
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Source : IIPM Editorial, 2009
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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