Anita Elberse
Anita Elberse
Anita Elberse is a Professor of Business Administration at Harvard Business School. She is a leading expert on the entertainment, media and sports sectors. She has published her research in top academic and practitioner journals in the fields of marketing, economics, and management. According to the Wall Street Journal, " takes the same statistically rigorous approach to entertainment and cultural industries that sabermetricians do to baseball."...
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If you are the record label who owns Lady Gaga, and you have a new artist coming up, you can say, 'Let's have the artist play just before Gaga.' Now you've exposed the huge Gaga audience to the new artist. It's similar to showing a trailer before a movie. The hit creates a hit.
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Jay Z is building a range of businesses just on the strength of his brand. Lady Gaga has formed really interesting partnerships. Justin Bieber and his manager Scooter Braun are investing in a number of different companies and also promoting them in many ways.
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In investing, we intuitively think we should make a number of small bets. A blockbuster strategy is the opposite. It means making fewer huge investments. But it turns out to be safer.
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The average movie-goer in this country sees six films in a year. That's one every two months. What the studios are trying to do is make sure it's their movie.
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It's really not fun to have seen a movie that you want to talk about, and you can't find anyone else who's seen it.
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I spend way too much time watching television, going to sports games, going to movies. It struck me that there's an awful lot of data in the public domain for these sectors. The movie industry publishes weekly sales numbers - not many industries do.
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Think about trailers you see in theaters. If you're seeing a Warner Bros film, the studio might have three of the five trailers. So having a hit helps you create the next hit.
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As demand shifts from offline retailers with limited shelf space to online channels with much larger assortments, the sales distribution is not getting fatter in the tail.
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Anyone can see that, say, superheroes and vampires perform well at the box office. That in turn can trigger competitive bidding situations and soaring fees for people who can bring these properties to the screen. The result can be a dramatic increase in the costs of production.
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Media companies' hit-focused marketing did not emerge in a vacuum. It reflects how consumers make choices. The truth is that consumers prefer blockbusters.
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One problem with relying on existing concepts is that it could stifle innovation, weakening the film sector over time.
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No one disputes that online businesses offer much more variety than their analog counterparts.
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Because they are inherently social, people find value in reading the same books and watching the same movies that others do.
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Because making movies is such an expensive endeavor, other media such as books and comics have long been a more feasible way to experiment with truly new ideas.