Stars and online celebrities can sell 5% of their future incomes through SelfSell Platform, thus establishing a new approach to increase in stars and online celebrities’ intangible assets.
SelfSell- a platform where one can sell their future incomes to generate resources in present is a great tool for internet paparazzi and celebrities to increase their engagement. Markets are constantly evolving so is the focus of relationships between buyers and the sellers; the consumers and the producers; the givers and the receivers. Gone are the days when producers were the leaders of the market. Consumers used to accept what was supplied to them due to lack of choices. But with the rise of choices and competition, consumer became the ultimate king. Businesses started building their products basis what are consumer needs and demands.
Same kind of revolution happened in internet. When internet boomed and became available in the hands of a common man, it used to work on the principle of Homogeneity. It supplied common information in the common places and the audience had to figure out what they can pick for themselves. Humans are heterogeneous creatures with a lot of complexities. Understanding this, web evolved to provide us with the power of constructing our identities through niche communities. These communities rewarded a certain trait to them and gave scope of some specific needs owing to one specific community. To create awareness about availability of products as per the needs of various communities, businesses had to incur huge advertisement expenditure. But due to various business cycles, the ad budgets are shrinking.
Good news is they can use their fans to the rescue. Fans don’t just buy the products; they also convince their friends to atleast give it a try. As the word of mouth marketing by fans is the best marketing. And with growth of internet, it is now easier and more cost effective to find and engage fans online. For example, Avril Lavigne puts as much content as she can on her YouTube channel. And its estimated she made a cool $2 million from her fans views. Mountain Dew created a game to let their fans engineer the next flavour from scratch. The candidate flavours flew off the shelves of the retail stores. H&M, Target and others work in fashion to make high design more accessible to hungry fan communities.
Fan economy focuses on emotional capital as the core, probes into consumers’ emotions, serves the purpose of adding emotional capital for brands and idols, and becomes an important branch of the Internet economy.
For enthusiastic fans with crazy consumption behaviours, in addition to purchase of tickets, membership and derivatives, they are immersed into “possession” of their favourite stars and have opportunities to directly express “love” via SelfSell platform. At the same time, they can enjoy a portion of stars’ future incomes. In this way, emotional binding between fans and stars is greatly enhanced. After all who doesn’t like additional money in order to show endearment to your favourite star.