Business Trends for the Coming Future
Concerts and tours, which often serve as a source of income and exposure for an artist, are disrupted by the rise of new technology which allows listeners to access music in any place and at any time. Other up-and-coming entrepreneurs are now creating non-fungible digital assets (NFTs), essentially unique tokens with intrinsic value that can be bought or sold on the blockchain.
So, with these odd instances and other opportunities arising in the modern world, where does your business fit in? What should you be looking into? This article can inform you of some of the newfound trends to discover and be wary of for the coming future.
Non-Fungible Tokens (NFTs) and Business Utilization
This one’s a little different. A group of you guys can actually work together to create unique digital trading cards that represent your personalities.
As you might have suspected, NFTs and NILs can work together and give talent a way to monetize their likenesses. In 2021, Kings of Leon became the first band to release an album as an NFT. The band released its album on the Ethereum blockchain. It created 721,000 virtual tokens that used the band’s photos and lyrics as digital collectibles. Fans could download songs and stream them, but they could not copy or redistribute the songs.
Although NFTs are often praised for their positive environmental impact, their use of the Ethereum blockchain cryptocurrency can take a large amount of energy due to the “mining” process that creates new coins. This could present a challenge for brands in future B Corp audits.
This could be a challenge for brands in the future, but it is something they are aware of and are actively trying to address. A lower-energy alternative exists, but it is currently being developed and is not yet available.
Cryptocurrency Trends Today
While many celebrities have embraced cryptocurrencies, most people still view them negatively. Many networks won’t run crypto-related ads, and most agencies won’t accept crypto payments. This could be an advantage for independent creatives who are less risk-averse than the big players.
People often deride cryptocurrency, making it hard for creatives to get paid in crypto. But it doesn’t have to be that way. While crypto may seem intimidating, it can be a great opportunity for those just starting their career in the advertising industry.
Power of Influencers
Influencer marketing, a form of marketing that involves partnering with social media influencers to promote products and brands, is expected to grow rapidly in the next few years. This is driving some big changes in the talent industry.
Influencers are now unionizing under the Screen Actors Guild – American Federation of Television and Radio Artists (SAG-AFTRA), but they must do so under an LLC or corporation; a partnership is not permitted. The cost of hiring influential people to promote a product or service is rising. The price of hiring an influencer can be just as expensive as hiring key talent, but other mediums will still remain more expensive overall due to production costs.
So, with that said, which concerns you most? If you want further information and tips, feel free to look through our website. Thank you for reading this article provided by our experts at Thompson Law.