In one of the most deft moves in the world of arts and culture this year, Art Basel and the Tribeca Festival have announced a partnership for this year's Art Basel Miami Beach. Their partnership which will see them bridging the worlds of film, art and music through programming and events is a smart brand alignment and could prove to be a masterstroke from a revenue perspective if fully leveraged. It could also signal what I hope will become a key business strategy for arts and cultural institutions- taking an industry-agnostic approach to the curation of intellectual property to open new revenue streams, develop new offerings and expand audiences.
This is the only rational move as increasingly, books are adapted into games, games are adapted into films, films are becoming TV series and vice versa ad infinitum. Nearly all IP can be exploited in another format, retaining not only its original audience but drawing new audiences as it evolves. Layer on top of this the exponential impact emerging technologies are having on audience behaviors (and marketing budgets) and the writing is on the wall. It will be hard for a cultural institution to survive from a revenue and relevance perspective if it continues to conduct business as usual. Exclusive "specialization" in a particular medium will limit audience growth, underutilize platform value and decrease revenue potential as a result. It's an approach that is dated at best and dangerous at worst.
The Tribeca Festival has already made inroads with a more well-rounded approach. It brings artists and audiences together to celebrate storytelling in all of its forms (including film, TV, music, audio storytelling, games, and XR). The partnership with Art Basel now gives it access and credibility in the art world.
Both orgs win. They have the opportunity to amplify brand equity, increase share of voice, connect their audiences and create crossover opportunities that will increase reach and relevance. The result? More value for key industry stakeholders and higher ROI for their partners (read: increased sponsorship revenue).
This alliance is solid strategy in action. I hope the teams take it one step further and partner for year-round programs to maximize the value of their synergies as well as leverage their dominance in their respective markets to create global monetization opportunities.
Parting Words: Many arts and cultural institutions are struggling to maintain their relevance beyond a shrinking group of loyal supporters and partners. They are also undergoing significant financial pressure as they work to maintain (much less grow) their revenue in light of the challenges presented by seismic shifts in consumer behaviors and sponsor expectations that have upended their business models. Entrenching in legacy and old ways of working is a dying org's game. Many would do well to take note of this partnership and follow suit.
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