Behind the Boom in Celebrity Brands

HBR IdeaCast

Harvard Business Review

Leadership, Entrepreneurship, Communication, Marketing, Business, Business/management, Management, Business/marketing, Business/entrepreneurship, Innovation, Hbr, Strategy, Economics, Finance, Teams, Harvard

4.4 • 1.9K Ratings

🗓️ 7 May 2024

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

There was a time when consumer goods companies paid musicians, athletes, and actors for endorsements, or to license their name and likeness. But in recent years, there's been an explosion of celebrities getting into business directly, selling everything from shapewear to tequila. Ayelet Israeli, professor at Harvard Business School, says the growth of social media and online, direct-to-consumer retail accelerated this trend, but notes that not all celebrity brands are a success. She explains what works and doesn't, and outlines lessons for non-famous entrepreneurs and established companies. Israeli is coauthor of the HBR article "What Makes a Successful Celebrity Brand?"

Transcript

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0:19.1	This is Amy Gallo, co-host of HPR's Women at Work Podcast on May 16th Amy Bernstein and I are hosting a half day
0:26.2	live virtual event we'll be talking about ambition trust and d e i get your tickets at HBR.org slash WAW live. Welcome to the H-Byr ideacast from Harvard Business Review.
0:53.0	I'm Allison Beard.
0:55.0	So you might not suspect this about me, but I am an avid reader of Us Weekly, the Celebrity
1:07.0	magazine. Amid all the business reading I do, it's a true guilty pleasure.
1:12.1	But over the past several years,
1:13.4	I've noticed these two worlds converging somewhat.
1:16.7	Musicians, athletes, actors, reality stars,
1:19.8	I'm talking about Riana, Ryan Reynolds,
1:21.7	LeBron, the Kardashians, they're all becoming serious business people.
1:26.0	And they're making a whole lot more money from the products they sell, whether it's makeup,
1:30.2	gin, sports drinks, or shape wear, then from the songs, games, shows, or films that
1:35.2	made them famous.
1:37.0	When did this shift happen and why?
1:39.2	And what does it mean for existing consumer goods companies and regular entrepreneurs.
1:43.7	Today's guest is here to explain how social media and online retail have boosted celebrity
1:48.1	brands, what makes a good or bad one, and the impact this trend is having on the broader economy.
	...

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