Travis Scott: A $50 Million Example Of How Culture Banks
By Gary J. Nix
- Travis Scott brand partnerships garnered $50M in revenue in 2020
- His partnerships showed a fair amount of range including Nike, McDonald’s and Epic Games Fortnite
The conversation found at the intersection of culture and commerce has significantly advanced, especially over the last three years. Along those lines, we’ve seen companies such as McDonald’s (MCD +0.15%) partner with people of cultural note such as J. Balvin, BTS, and Saweetie. It could be argued, however, that their recent work in this arena began with Travis Scott whose brand partnerships garnered $50 million in revenue during 2020.
Why This Matters: Leveraging culture and being a natural part of (the) culture continues to be a hot-button discussion topic. More businesses understanding the long-term revenue-based advantages to cultural competency and intelligence will ultimately lead to a sensible and sustainable solution including more business-related opportunities for those who create the culture. We’ve seen a plethora of campaigns that have missed the mark and been called out for insensitivity, money grabs, and culture vulturing.
Although too many companies have done things the wrong way, taking a look at some of the work Travis Scott has accomplished through partnerships could shed light on a better brand strategy to connect with the culture. Deals with Nike SB Dunks & Jordan Brand ($10 million), Epic Games & Fortnite ($20 million), and the Travis Scott Meal at McDonald’s ($20 million) can be a better jumping-off point in planning.
Situational Awareness: The primary key is understanding where your company fits within a desired cultural community. Influencer and partnership marketing has revealed many brands don’t know where they fit inside socio-cultural circles. This lack of understanding can easily lead to diminished brand sentiment and affinity, which can lead to a drop in market share and revenue. Businesses that want to scale must learn more about where they positively affect their customers’ lives, to serve them, while improving their financial status and livelihood
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