Somewhere, Bob Pittman must have been smiling when he read about the latest initiative from Sports Illustrated. While iHeartMedia is going through its well-publicized struggles over financials and debt, you have to hand it to the organization for the way they’ve grown the iHeartRadio platform. From awards shows to festivals, iHeartRadio has evolved into much more than a web service that streams radio stations.
These extra-curricular activities all lead to more revenue, greater top-of-mind awareness, and good old brand building. Since its beginnings, iHeartRadio has become a truly big platform, and these extracurricular events are a big reason why.
iHeartRadio’s strategic brand extension came to mind last week when it was announced that Sports Illustrated is about to launch a festival based around their famous “Swimsuit Issue.” Interestingly, that much-anticipated publication has been around since 1964, and yet it has taken SI more than 50 years to start getting serious about extending this incredible brand.
Media Post’s “Publisher’s Daily – The Daily Blog – reports that this initiative by SI is slated to take place at Coney Island in August, consisting of music as well as the expected activities from the magazine’s roster of models. Called “The Music and Fan Festival,” the event will be produced by Live Nation.
Given the flagging fortunes of the magazine industry, you have to wonder what took so long. Digging into the idea even deeper, it’s a chance for SI to give its millions of fans an opportunity to experience the famous “Swimsuit Issue” in an entirely new way.
And just as the iHeartMedia team does with its festivals, this event will undoubtedly provide residual benefits in the area of advertiser and client service. Odds are the SI team will be analyzing this event in the fall, wondering why they didn’t try something like it sooner.
It begs the question why every radio company hasn’t leaped into the events promotion arena, given the travails that legacy media brands have endured. Paul Jacobs discussed the challenges in a post last week, featuring some of Mary Meeker’s new slide deck.
The secret to unlocking more radio revenue is not by calling on the same radio clients with the same offers for :30s and :60s, but by developing new streams, new experiences, and new marketing opportunities. Townsquare is doing this company-wide, and stations around the country have their own occasional events, concerts, and festivals. But in most cases, they’re doing it without the help of a professional events coordinator.
It wasn’t that long ago that NTR was considered adjunct to the overall sales effort – the dessert that accompanied a big meal. Today, it could be the difference between radio plateauing or thriving in a progressively challenging environment. These events generate new dollars, while creating exciting audience experiences, and building brands.
Thinking about the many stations doing “Rock Girl” promotions year in and year out, the opportunity for transforming it into an audience and advertiser experience are endless. And it’s just a matter of leveraging the brand, and connecting it to an event not unlike what Sports Illustrated and iHeartRadio are doing. Many stations have created their own branding elements, whether its around music, lifestyle, sports, or even news and information. Turning these into NTR events takes work and years of effort, but the end results pays residuals on many different levels.
Radio has worked hard to build its brand assets. Now it’s a matter of reimagining them at an event level.
Hopefully, it won’t take the industry as long as it has Sports Illustrated to figure it out.
Jacobs Media has consistently walked the walk in the digital space, providing insights and guidance through its well-read national Techsurveys.
In 2008, jacapps was launched - a mobile apps company that has designed and built more than 1,300 apps for both the Apple and Android platforms. In 2013, the DASH Conference was created - a mashup of radio and automotive, designed to foster better understanding of the "connected car" and its impact.
Along with providing the creative and intellectual direction for the company, Fred consults many of Jacobs Media's commercial and public radio clients, in addition to media brands looking to thrive in the rapidly changing tech environment.
Fred was inducted into the Radio Hall of Fame in 2018.
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