Taylor Swift, the internationally acclaimed pop artist, is not just a prominent figure in the music industry; she is emerging as a significant contributor to local economies throughout North America through her recent “Eras Tour.” This musical extravaganza has evolved into a remarkable subject of analysis, highlighting the extensive impact that major music events can exert on cities and communities.
In unveiling the economic impact of Taylor Swift’s dedicated fanbase, commonly known as “Swifties,” a recent survey by QuestionPro has brought to light some striking numbers. Each average Swiftie is estimated to contribute a noteworthy $1,300 per show, creating a diverse array of expenditures that reverberate throughout local economies.
Ticket Sales: The North American leg of the tour is poised to achieve a staggering $2.2 billion in ticket sales, setting the stage for a potential record-breaking tour.
Travel and Accommodation: Proximity to concert venues triggers a surge in hotel occupancy, soaring to as high as 95% during the immersive “Eras” weekends.
Food and Entertainment: Local eateries, bars, and attractions experience a substantial uptick in foot traffic and revenue, with certain establishments near the venues reporting an astonishing 1,000% surge in demand for hourly workers during Swift’s performances. A bar owner near a Philadelphia concert venue provided insight into the widespread draw of the tour, stating, “We had fans coming from all over the country, and they were spending big on food and drinks.” This firsthand account highlights the tour’s capacity to attract a diverse audience, creating a boon for local businesses as fans contribute to the economic vitality of the area.
Merchandise: Tour merchandise booths transform into lucrative pop-up destinations, where fans eagerly acquire an array of items ranging from glow sticks to personalized t-shirts. This surge in merchandise sales further adds to the economic resonance created by Swifties.
Moving beyond mere numerical metrics, the impact of the “Eras” tour weaves a rich tapestry of both cultural and economic significance. This tour extends its influence beyond financial gains, contributing to a broader narrative.
Job Creation: Acting as a catalyst for temporary employment opportunities, the tour generates hundreds of jobs per show across diverse sectors such as catering, security, hotel services, and transportation. This surge in employment not only supports the logistics of the tour but also injects vitality into local economies.
Community Spirit: Beyond the stage, Swift’s concerts become a hub for fostering a sense of community and shared joy. Fans from various backgrounds come together to celebrate their shared love for her music, creating a positive communal experience. This collective celebration resonates within the concert venue and ripples into the local community, influencing morale and fostering a profound sense of belonging.
Local Businesses Spotlight: The “Eras” tour provides an opportune moment for local businesses to shine. These enterprises seize the chance to showcase their unique offerings, catering to the influx of concertgoers. This spotlight on local businesses not only enhances the overall concert experience but also contributes to the economic vibrancy of the surrounding community.
An economist, contemplating the magnitude of the tour’s influence on Toronto, remarked, “It’s like hosting six Super Bowls in a row.” This vivid analogy underscores the substantial and unprecedented impact that “Eras” has brought to the city.
Resounding Economic Impact
Projections for the “Eras” tour indicate an astronomical gross of $2.2 billion in North American ticket sales alone, positioning it as a potential record-breaking phenomenon in the realm of concert tours.
Swifties, the dedicated fanbase, emerge as key contributors to this economic surge. According to a QuestionPro survey, these ardent fans, on average, invest $1,300 per show in local economies, as stated earlier. “Swiftonomics” emerges not just as a musical phenomenon but as a dynamic force propelling economic growth and vitality in its wake. The profound economic impact of the “Eras” tour extends far beyond the confines of concert halls, leaving an indelible mark on various sectors and contributing to overall GDP growth and industry success. This economic resonance is reflected in the latest GDP report from the Commerce Department, revealing robust consumer spending. Notably, events like Taylor Swift concerts play a significant role in contributing to this growth, showcasing the widespread impact of cultural phenomena on the broader economic landscape.
The success story continues with Live Nation Entertainment, the parent company of Ticketmaster, reporting its strongest quarterly results to date. A record-breaking 140 million tickets have been sold this year, marking a notable 17% increase year-over-year. Additionally, concert revenue has surged by an impressive 32%, underscoring the enduring economic impact of the “Eras” tour.
The Eras Tour Already the Most Profitable Concert Movie Ever
Media Spotlight on Swift
The media’s focus on Taylor Swift’s “Eras” tour underscores its recognition of the cultural phenomenon it has become, with dedicated reporters diligently covering every aspect of the pop star’s journey.
Media giant Gannett has taken a noteworthy step by appointing a Taylor Swift reporter. This dedicated journalist will be tasked with covering the exploits of America’s favorite pop star for The Tennessean and the USA Today Network. This strategic move by Gannett emphasizes the cultural significance Swift has attained, positioning her as a figure of immense public interest.
Taylor Swift’s “Eras Tour” transcends the realm of a mere musical spectacle; it has evolved into an economic phenomenon. The tour is rewriting the playbook of entertainment economics and etching an indelible mark on local economies across North America. Swift’s influence, as evidenced by the media spotlight and economic impact, resonates far beyond the stage, solidifying her status as a multifaceted cultural force.
Music is a cultural aspect of all human societies that is universal. It plays a key role in all social activities. Be it religious rituals, rite of passage ceremonies, weddings or community choirs, music brings everyone together in celebration. Music is widely created, much like literature and visual art.
The modern western world defines music broadly – an all-encompassing term to describe diverse style and genres. Music is fluid – in that it keeps changing and evolving. In the 21st century, music is helped by technological advances including the development of isomorphic keyboards and dynamic tonality
K-Pop is an abbreviation that stands for Korean Popular music. It originated in South Korea in the 1950s and is the mainstream music of the region, commonly known as K-Pop. To understand it easily, a comparison can be drawn to what Taylor Swift is in the United States.
Part of the South Korean culture, K-Pop includes styles and genres from across the world – pop, hip hop, rock, jazz, electronic dance, folk, country, disco, classical and many more as part of its traditional musical roots.
Previously, South Korean music was called gayo. It was only in the 2000s that the term K-Pop became popular. It is a term that is often used to describe Korean music and artists associated with the entertainment and idol industry of the country. American pop music culture has especially had and continues to have an effect on K-pop.
Modern K-Pop Culture
K-Pop Band – Seo Taiji
The hip-hop boy band Seo Taiji made the contemporary form of the K-pop genre in 1992. They were active in the mid-1990s. Their experimentation with different genres and styles of music as well as integration of foreign musical elements modernised and reshaped the country’s contemporary music scene. They were the pioneers of integrating rap into K-Pop music.
This led to the formation of some of the most popular pop groups in the Korean music industry. SM Entertainment was established in 1995, JYP Entertainment in 1997 and YG Entertainment in 1998.
The year 1996 also saw the first ever K-Pop group in existence which was H.O.T. This was the group that started the K-Pop culture that is prevalent and followed even today. With the emergence of BoA and TVXQ in 2003, K-Pop’s popularity soared.
K-Pop’s Effect on South-Korean Economy
Hallyu – meaning the Korean Wave – is a large influx of South Korean music, movies and TV shows into the western world. The speed at which its popularity has grown, especially K-Pop music, helped generate a large amount for the South Korean economy. This helped relieve the stress that the economy was under during the 1997 Asian Financial crisis.
The world-famous song ‘Gangnam Style’ by the South-Korean artist Psy, generated approximately USD 8 million in YouTube revenues on its release in 2012.
The seven-member K-Pop group BTS took the world by storm with their music gaining USD 4.9 billion for the South-Korean economy. The high point was with the release of BTS’s all-English song ‘Dynamite’ which topped the Billboard Global chart for 18 weeks and generated USD 1.43 billion.
The Ministry of Culture, Sports and Tourism and Korea Culture and tourism conducted a joint study that showed the revenue generated by BTS’s hit song would be able to provide approximately 8000 jobs during the COVID-19 Pandemic. This revenue was then utilized to bring these jobs to fruition.
The Hallyu in its totality has helped boost the South Korean economy by developing exports to the tune of USD 9.48 billion. K-Pop merchandise, in particular, made a significant addition to this number by raising revenue to the tune of USD 114.5 million.
K-Pop has also created advertisements to generate revenue for the country’s economy. The better-known endorsement was between Korean Air (South Korea’s National Airline) and the K-Pop group SuperM.
A group of 7 members, SuperM created a futuristic safety video that provided information on the safety feature of the Aircraft, alongside an original song and choreography that was specifically created for the video. This helped boost the national airline’s business and in 2020 Korean Air’s revenue stood at USD 11.2 billion.
Tourism and Culture are the key focus of the South Korean economy. It is highly endorsed by K-Pop groups and idols. Music and Tourism work in tandem to bring money into the South Korean Economy.
Distinctive Features of K-Pop
Generally, an umbrella term encompassing all music from South Korea, K-Pop has some unique and distinctive features and characteristics that define the music style.
Fashion Influencers
The K-Pop idols are known for their colourful and stylish clothing. Their wardrobe ranges from street-type clothing to elegant wear to themed clothing. Many K-Pop idols are fashion influencers driving current trends, particularly the younger generation.
Hybrid Sounds
K-pop includes music and musical instruments from various cultures within its structure of music. It blends traditional Korean music with western influences like jazz, rock, hip hop, etc.
Systematic Training
Aspiring K-Pop idols are selected for intensive live-in training programmes by entertainment agencies. They receive training in media, choreography, vocal coaching and practising live performances. They are placed into various groups depending on their unique style of personalities, voices and performance skills. Sometimes, the trainees can be in these programmes for a few years honing their skills while they wait to be placed in groups.
Groups
K-Pop groups usually consist of at least 7 members. Of course, there are exceptions to this rule. They generally are in numbers in a group so that K-Pop fans have a variety of idols to choose from.
Choreography Excellence
Dance routines are a critical and significant part of every K-Pop group. Choreographers work extensively with the groups to create unique routines, that are sometimes repetitive, to complement each song. These motions are created repetitively to appeal to a large fan base.
Popularity of K-Pop Worldwide
How K-Pop Went International?
In the early 2000s, bands like BoA and TVXQ started a new generation of K-Pop idols that made this music genre popular in the neighbouring Japanese market and continued to grow from there.
With the advent and help of social media and networking, K-Pop music spread rapidly and gained fans internationally not only in Asia but Latin America, North Africa, South and East Africa, the Middle East and throughout the Western world. In 2012, Psy’s ‘Gangnam Style’ hit the radios all around the world and K-Pop emerged as a popular style of music.
The last decade has seen K-Pop’s fame and recognition rise significantly, especially with mainstream western audiences. This has largely been due to the massive success of bands like BTS (BangTan Boys), a popular boy band that was formed in 2010 and Blackpink.
BTS and BlackPink
These bands have continuously given chartbuster songs. In fact, in 2017, BTS was the first group in the genre to perform at the American Music Awards.
This stage introduced them to millions of western viewers. They continue to ride on their success with the release of their first-ever English-language single called ‘Dynamite’. It topped the charts in 2020 after its release.
Growth of K-Pop
The year 2018 saw significant growth in the revenue of K-Pop. It reached a 17.9% in revenue growth and continued its climb by reaching a 44.8% revenue growth in 2020 positioning itself as the fastest growing market of the year.
According to the International Federation of Phonographic Industry’s ‘Global Music Report’ of 2019, Korean Popular Music was ranked six among the top ten music markets worldwide. BTS and Blackpink were the artists that were leading this market growth.
Some Top Names of K-Pop Music
It is not uncommon for artists to perform as a group for about a decade and then move on to establish solo careers. However, some groups are long-lasting and successful. These groups vary in their music styles, genre, number of group members or even image. The one thing they have in common is great music accompanied by great dance and performance.
Some of the famous K-Pop names in the industry are BTS, Blackpink, Twice, Red Velvet, iKon and Seventeen. There are even solo K-Pop artists who have made a name for themselves like Taeyeon, BoA, IU, Taemin and Jay Park. There are many more groups and solo artists that are known for their music and performances.
South Korea’s popular music is garnering their government’s support as the government also reaps economic benefits from the popularity of K-Pop. The government is now applying cultural diplomacy as soft power. Whatever is said and done, music brings everyone together. And K-Pop example is a great showcase for that truth. K-pop has contributed over $5 billion to Korean GDP, making it one of the big parts of the country.
FAQs
How much does K-pop contribute to the Korean economy?
K-Pop helped boost the Korean economy by $9.48 billion in 2018 and $12.3 billion in 2019.
How did BTS help South Korea?
BTS contributed about $3.6 billion to the South Korean economy.
How does BTS contribute to the Korean economy?
BTS contributed to Korea’s economy during the pandemic when the concerts of the famous band were still going on.
When we talk about music, it is a thing that seems to connect the universe. There is hardly anyone who doesn’t like music, people seem to feel connected with their favourite pop stars and thus indulge their time in them. There are numbers of people who are inspired by them, thus different brands collab with them to reach the heart of their fans.
The music industry of Hollywood has given some of the biggest superstars to the world. Pop stars are literally ruling the hearts of teenagers and young adults. Amongst all of them, there is one name that has created quite a stir in the industry and that is Cuban-American singer Camila Cabello.
Popularly known as the ‘Havana Girl’, Camila Cabello rose to fame when she debut as one of the members of the popular American girl group ‘Fifth Harmony’. They debuted in the year 2013. Before that, Cabello was one of the contestants of a TV talent show, The X Factor where she got together with other members of her group and formed Fifth Harmony.
Camila Cabello started establishing herself as a solo artist after she left ‘Fifth Harmony’ and since then she has never looked back. Her songs like ‘I Know What You Did Last Summer’, ‘Havana’, ‘Hey Ma’, ‘Senorita’ and others made her one of the top music artists in the world. Not only that, in 2021, Camilla played the lead role in the live adaptation of the musical movie ‘Cinderella’. Some of her popular songs has also reached #1 in Billboard Hot 100.
With her music, she has won a number of American Music Awards, Billboard Awards and many others. The several time Grammy nominee became a sensation with her song ‘Havana’.
In this article, we will talk about the brands that Havana girl, Camila Cabello endorsed. So without any further ado, let’s get started.
Branding is the process of connecting good strategy with good creativity. -Marty Neumeier
Skechers is an American footwear company that was founded in the year 1992 by Robert Greenberg. It provides over 3000 styles and designs of footwear for women, men and children. The headquarters is situated in California, United States of America. It is the third-largest athletic shoe brand in the United States and provides high-quality shoes to consumers.
Skechers roped in Camila Cabello in 2017 as their brand ambassador and since then she has been a part of their various campaign. They signed her for their worldwide women’s collection after her debut solo album was released. Skechers’s collaboration with the Cuban-American singer for their D’Lites category shoes is one of the biggest Skechers collaborations.
Guess is an American clothing brand formed by the Marciano brothers in 1981. Popularly known for its jeans and denim clothing. Guess was one of the first companies to create designer jeans. The brand is all about promoting a young, adventurous and sexy lifestyle. Guess provides a trendy collection of clothes including jeans and dresses and accessories, handbags for men and women.
Guess made Camila Cabello its face in 2017 and she has been a part of different campaigns in 2017. Her strength, beauty and confidence make her the best candidate for being the brand ambassador. Different types of denim, 90s styles of t-shirts, jackets and handbags are endorsed by Cabello.
L’Oréal Paris
L’Oréal Paris is a French personal care products company and is one of the world’s largest cosmetics brands. With products like hair colour, Haircare makeup, skincare, sun protection and perfume, the brand is serving its customers for 112 years. It was founded in the year 1909 by Eugène Schueller and the headquarters is situated in Clichy, France.
In 2018, Camila Cabello was chosen as the brand ambassador and spokesperson for the brand and since then has been a part of various campaigns. L’Oréal launches the Havana Collection of makeup products by collaborating with Cabello. A range of makeups was released that was not only able to capture the attention of not only the fans of Cabello but also the general public.
Camilla Cabello with her music was able to gain recognition, fame, love and respect from all around the world. Brands know that she is a pop star who can inspire and influence people from around the world greatly, so naturally, they collab with her to garner the attention of other people through their products. With the growing popularity of the 25-year-old pop star, more brands will show interest in future to collab with her for their products and services.
FAQs
Who is Camila Cabello?
Camila Cabello is a Cuban-American singer and songwriter famous for songs like Havana and Senorita.
What is the net worth of Camila Cabello?
The net worth of Camila Cabello is approximately $14 million.
What is the most popular song by Camila Cabello?
The most popular song of Camila Cabello is Havana and Senorita.
What is the age of Camila Cabello?
Camila Cabello is 25 years old and was born on 3 March 1997.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by YouTube.
What if you want to cook mutton biryani for your loved one but do not know the recipe for the delicious dish? Maybe you want some information about a faraway place that you want to visit this vacation. What if you are bored and want some sort of entertainment? Do not worry, YouTube is here to help you gain information, learn skills and stay entertained 24×7.
Does YouTube even need an introduction? Most of us love binge-watching videos on YouTube, and turning to YouTube for various reasons has almost become a habit.
Read all about YouTube, its Founders, Latest News, Funding and Investors, Business Model, Revenue Model, Growth, Acquisitions, Future Plans, and more.
YouTube – Company Highlights
Startup Name
YouTube
Headquarters
San Bruno, California, United States
Sector
Internet, Music, Video Marketing
Founders
Chad Hurley, Steve Chen and Jawed Karim
Founded
February 1, 2005
Total Funding
$83.5 million (2021)
Revenue
2,880 crores USD (2021)
Website
Youtube.com
Youtube – Latest News
January 20, 2022 – Youtube reveals new Youtube premium annual plans for the Indians. The Youtube Premium plans, which were earlier offered on a monthly and quarterly basis, can now be obtained at Rs 1,159 and Rs 889 for a year of subscription of Youtube Premium and Youtube Music Premium services respectively.
January 18, 2022 – Youtube officially gives up on its Youtube Originals, declared the Google-owned video streaming giant in the form of an official statement. It would be winding its six years old wing of exclusive high-budget content, said Robert Kyncl, CBO of Youtube.
Launched in 2005, YouTube is the largest video hosting platform and the second largest search engine after Google. As per May 2019 data, more than 500 hours of content are uploaded on YouTube every minute.
Whether you want to learn coding or cooking, you are interested in gardening or travelling, YouTube has content for everyone. YouTube is not just about entertainment. As published by Hootsuite in 2021, globally 82% of people use YouTube for learning various skills.
Can’t stop binge-watching videos on YouTube? You are not alone. YouTube has more than one billion monthly users, who watch more than one billion hours of video every day.
YouTube’s Services include:
YouTube Community
This feature allows YouTube content creators to interact with their subscribers. The feature is unlocked once a user crosses 1000 subscribers. Using this feature content creators can post images, videos, texts, gifs, etc to let their subscribers know about their upcoming content, behind the scene stuff, and more.
YouTube Kids
This app is exclusively developed for children. Users can choose the age of the children for whom the app is downloaded, and then the children can view age-appropriate content only. YouTube Kids TV app is also available for some selected TVs. On August 30, 2019, a web version of YouTube Kids was launched.
YouTube Movies
It is a movie buying and rental service by YouTube. While some movies are available to watch for free, others need to be purchased or rented.
YouTube Music
It is a music streaming service like Spotify. YouTube Music is available on the web and also comes as an app. You Can listen to music for free or opt for the premium option for an ad-free experience.
YouTube Premium
YouTube Premium is the ad-free version of YouTube. First introduced in 2015, in the month of October, Youtube Premium was earlier called “Youtube Red”. YouTube premium comes with certain benefits that differentiate it from free YouTube.
YouTube Premium gives you an ad-free experience. Hence no interruptions while watching your favourite videos.
You can download videos and playlists, which you can watch when you are offline. Free Youtube does not allow us to download videos. However, even in YouTube Premium, the download option is available only on mobile devices and not on computer and laptop devices.
Background play option available in YouTube Premium, keeps the YouTube video playing, even when you are working on another app on your mobile, or when your mobile screen is off. In free YouTube, however, when we open another app, on your mobile, YouTube stops playing, and also YouTube stops playing when the screen is off.
With YouTube Premium, one also gets access to YouTube Music Premium. With YouTube Music Premium, one can enjoy ad-free music, and download songs, and videos. One can also keep playing music in the background, while he is using another app, and turn on audio-only mode to listen to just the song without loading the video.
One also gets access to YouTube Original series and movies with YouTube Premium.
YouTube Stories
Initially called YouTube reels, was launched in 2018. YouTube content creators having 10000+ subscribers get access to this feature. YouTube stories can be seen only on the YouTube mobile app.
YouTube Shorts
It is similar to Tik-Tok, which lets users create short 15 seconds videos. One can create YouTube shorts in the YouTube Mobile app, where all the tools required to create shorts are available. Launched in September 2020, this feature has received much popularity. In March 2021 only, YouTube Shorts generated 6.5 billion daily views.
TestTube
YouTube lets its Premium members try experimental features and give feedback on them. YouTube Premium members can visit www.youtube.com/new, where various experimental features are available. Users can choose to try out any of these features.
YouTube TV
It is a TV streaming service available for customers in the United States. YouTube TV subscribers get access to live sports and shows from 85+ broadcast, cable, and regional sports networks and unlimited DVR (Digital Video Recording) Space. YouTube TV can be accessed from all devices like TV, Mobile, Desktop, Laptop, etc. One can also view YouTube Originals series and YouTube’s trending videos on YouTube TV.
YouTube Go
In April 2017, YouTube introduced YouTube Go. YouTube Go is the lighter version of YouTube that runs on a slow internet connection. YouTube Go was designed to let users download the videos and even share the videos with nearby users without any internet connection. The app however is currently unavailable for download on Google Play Store.
YouTube Originals
It was started by Susanne Daniels, Youtube Global Head of Original Content in 2016, which focused on creating high-budget exclusive content for its present viewers and attracting more subscribers from around the globe. This initiative was started with the goal of keeping up the competition with the other OTT platforms like Netflix, Amazon Prime, and others. However, Youtube Originals failed to deliver what was expected of it and after little more than 6 years of operation, it is now winding, as per the official statement from Robert Kyncl, the Chief Business Officer at YouTube on January 18, 2022.
The news is also ripe that Daniels will leave the company in March. Kyncl further declared that YouTube will now only fund programs that are part of its Black Voices and YouTube Kids funds.
On 20 July 2021, YouTube announced its new feature, Super Thanks. Super Thanks allows viewers to pay money to their favourite creators on YouTube. Once you pay, your comment in the comments section will be highlighted.
Jawed Karim, Chad Hurley, and Steve Chen founded YouTube on 14 February 2005. All of the three Youtube founders are ex-PayPal employees.
Jawed Karim
Javed Karim
Software engineer and entrepreneur Jawed Karim is of Bangladeshi-German descent. He spent the early years of his life in Germany but later shifted to the USA due to the growing xenophobia that he and his family had to face in Germany.
Jawed holds a Master’s degree in Computer Science. Jawed joined PayPal, while he was still doing his bachelor’s degree in Computer Science from the University of Illinois at Urbana-Champaign.
At PayPal, Jawed met Chad Hurley and Steve Chan, and in 2005 the trio came up with YouTube. However, when YouTube was launched in February 2005, Jawed decided not to stay at YouTube like an employee but continued to stay as an informal adviser to YouTube. Thus, Jawed held a lower share in the company.
Jawed later co-founded a Venture fund named Youniversity Ventures (also known as YVentures) in 2008. Jawed Karim is the first person to create a YouTube Channel. His channel is called ‘jawed’. Also, Jawed uploaded the first-ever video on YouTube on 23rd April 2005.
Chad Hurley
Chad Hurley
Chad Hurley is an American webmaster and a businessman. Chad served as the first CEO of YouTube and continued as the CEO till 2010 when Google’s Salar Kamangar took over as the CEO. Chad holds a B.A. degree in Fine Arts from the Indiana University of Pennsylvania.
In 2011, Chad left YouTube and started AVOS systems, a technology company that helped developers create apps. In 2014, AVOS systems pivoted to become ‘Mixbit’, a mobile video platform. Mixbit ceased operations in August 2018.
Chad is now an investor and is operating as the Co-founder and Chairman of GreenPark Sports, a company that makes mobile games. As reported by Business Insider, Hurley is also part owner of Golden State Warriors and Los Angeles Football Club.
Steve Chen
Steve Chen
Steve Chen is a Taiwanese-American entrepreneur. Chen is a Computer Science Graduate from the University of Illinois at Urbana-Champaign. Before starting YouTube, Chen worked with companies like eBay, where he worked as an Engineering Manager at PayPal, where he worked as a Software Engineer. Chen also joined Facebook for a brief period after which he left the company in order to start Youtube.
Chen continued to work at YouTube even after the acquisition of YouTube by Google in 2006. He left YouTube in 2009 and worked on other divisions of Google. Chen finally left Google in 2011, and along with Chad Hurley, started AVOS systems in 2013. Chen later left AVOS systems and joined Google Ventures in 2014. Currently, Chen is an Angel Investor.
YouTube – Startup Story
Jawed Karim, Chad Hurley, and Steve Chen, three PayPal employees created a video uploading platform. The story of Youtube started with the initial concept of building an online dating platform but unfortunately, the idea failed, but this had an exceptional video uploading space.
As YouTube co-founder Steve Chen said in 2016, when they began in 2005, YouTube was built to be a platform where people could upload videos about dating or their desirable partner. In line with the idea, the co-founders even came up with the tagline ‘Tune in, Hook up‘. But, people did not seem to take much interest in uploading dating-related videos.
As revealed by the co-founders, they were even offering women $20 to upload dating videos, but the idea did not work. Finally, the co-founders decided to open the platform for not just dating, but all kinds of Videos. Jawed started by uploading the famous ‘Me at the Zoo’ Video on 23rd April 2005, and from there was no looking back!.
In 2006, the YouTube cofounders sold YouTube to Google for $1.65 billion. The platform today has over 2 billion monthly active users.
Besides the dating site story, several other stories of Youtube are also heard about the inception of YouTube. According to some reports, the YouTube idea came to co-founders Steve and Chad when they were unable to share the video of a dinner party held at Chen’s place in San Francisco.
According to co-founder Jawed Karim, the idea of forming a Video Sharing platform came when he was unable to find the clips of the ‘Super Bowl XXXVIII halftime show’ controversy and 2004 Indian Ocean Tsunami on the Internet.
YouTube’s mission is to give everyone a chance to express his thoughts, feelings, talent, issues, and more to the whole world. YouTube’s mission statement is “To give everyone a voice and show them the world.”
YouTube – Tagline, Slogan and Logo
YouTube’s tagline is ‘Broadcast yourself‘.
YouTube Logo
YouTube – Business Model and Revenue Model
Most of the content on YouTube is free. A major source of Revenue for YouTube is advertisements. YouTube allows advertisers to show targeted ads to its users. A part of YouTube’s revenue also comes from the subscription fee paid by the YouTube Premium users.
Subscription fees earned from other services like YouTube TV, YouTube Music Premium are other important sources of revenue for the company. Besides, when a user pays his favourite content creator through features like ‘Super Thanks’, a commission is charged by YouTube.
YouTube – Funding and Investors
YouTube has raised a total amount of $83.5 million in funding over two funding rounds.
Date
Transaction Name
Money Raised
Lead Investors
March 30, 2006
Series B
$80 million
Artis Ventures and Sequoia Capital
November 1, 2005
Series A
$3.5 million
Sequoia Capital
YouTube – Acquisitions
To date, YouTube has acquired five organizations.
Date
Acquired Organization
July 20, 2021
simsim
May 1, 2016
Subarctic Limited
February 12, 2016
Bandpage
December 18, 2014
Vidmaker
May 7, 2011
Next New Networks
YouTube – Growth
YouTube has generated an amount of $19.7 billion in revenue in 2020. In the 2nd quarter of 2021, YouTube’s revenue nearly doubled to reach $7 billion. Till the 2nd quarter of 2021, there is an increase of 84% in YouTube’s overall revenue, as compared to the last year.
Some of the prominent growth statistics of Youtube are:
Youtube is the most popular video streaming platform.
It is hailed as the second most visited website, right after Google its parent.
Youtube claims to have more than a billion monthly users.
Youtube is collectively watched for more than 1 billion hours each day.
The videos are uploaded on Youtube at a rate of more than 500 hours of content per minute when last reported in 2019.
YouTube – Online and Social Media Presence
YouTube is actively present on Facebook, Twitter, Instagram, Pinterest, Crunchbase, etc. In order to know more about this video-sharing company, you can check its profile present at various above-mentioned websites.
YouTube – Competitors
The top competitors of YouTube are Netflix, Hulu, and Vimeo.
Netflix
It is the biggest competitor of YouTube. Netflix is headquartered in Los Angeles, CA, USA, and was founded in 1997.
Hulu
It is perceived as one of the top competitors of YouTube. Hulu is headquartered in Santa Monica, CA, USA, and was founded in 2007.
Vimeo
It is also one of the biggest competitors of YouTube. Vimeo is headquartered in New York, NY, USA, and was founded in 2004.
YouTube – Future Plans
As mentioned by the current YouTube CEOSusan Wojcicki in YouTube’s official blog, YouTube’s priorities for 2021 include growing the creator economy, helping people learn new skills, and building for the future of YouTube. The CEO also puts stress on working in collaboration with Governments around the world, in accordance with the regulatory policies of different countries.
YouTube is also planning to come up with shopping options on the YouTube platform. The feature is already being tested now, and we can expect to shop via YouTube soon!
FAQ
Who is the founder of YouTube?
Jawed Karim, Chad Hurley, and Steve Chen founded YouTube on 14 February.
What company did the founders of YouTube work for before starting up YouTube?
The three founders worked at Paypal before founding youtube in 2005.
Who is YouTube’s biggest competitor?
Twitch, IGTV, and TikTok are some of the biggest competitors of YouTube.
In our lifetime, almost every one of us has heard, even if it’s just once, that music is a universal language, which transcends boundaries, space, and time. This boy band from South Korea, with their love for music, proved the above sentence with their hard work and passion.
Bangtan Sonyeondan, popularly known as BTS is a Korean pop also known as K-Pop group from South Korea, which is conquering the whole world with their music. They debuted in the year 2013. It is comprised of 7 members, RM, Jin, Suga, J-Hope, Jimin, V, and Jungkook. The band is under Big Hit Music, a subsidiary of Hybe Corporation.
The two times Grammy nominees have now become some of the biggest artists in the music industry, their songs are all about messages of self-love, depression, societal issues, dreams, basically everything that today’s youth faces in their everyday life. The relatability of the songs made the band, a group of global superstars. They speak about bullying and the hardships that come while struggling with today’s world and also about mental health. Recently, they have become the first Asian in the history of American Music Awards, to win the Artist of the year.
Their influence is so huge that they have attended and addressed in the UN General Assembly twice. In 2018, they launched their ‘Love Myself’ campaign and partnered up with UNICEF to prevent violence against children and teenagers. Not only that, this year before addressing in the UN, all the seven of them were appointed as ‘special presidential envoy for future generations and culture’ by the President of South Korea, Moon Jae-in.
They are not just a K-pop sensation anymore; in fact, they are much more than that. It wouldn’t be wrong to say that they are a global phenomenon. They are proving their mettle each and every day by the messages conveyed through their heart-touching songs.
By singing in three languages; Korean, Japanese and English, the band is collecting fans from all over the globe. BTS’s previous albums and songs have always been a talk of the music industry, be it their album ‘Wings’ or ‘Love Yourself: Answer’ or ‘Map Of The Soul: 7’. Their current songs ‘Dynamite’, ‘Life Goes On’, ‘Butter’ and ‘Permission To Dance’ are soaring in popularity and have taken the spot of number 1 in Billboard Hot 100 list numerous times.
Due to their impact, several brands have made them their ambassadors and are attracting attention from all around the world. In this article, we will talk about those brands, which are endorsed by the current biggest boy band in the world. So, let’s get started.
“The endorsement process is an evolution. What you try to do is you endorse someone that you believe in and their ideas and their solutions align with yours.”
One of the biggest technology giants in the world, Samsung, founded in the year 1969 is a South Korean multinational company famous for its electronic components, especially its smartphones. The tech giant operates in over 74 countries and has over 290,000 numbers of employees under it. Samsung’s smartphones are a big competitor of Apple’s iPhone, Vivo, Oppo, and Xiaomi.
Samsung roped in BTS as their Global brand ambassador for their smartphones in the year 2020 and launched S20 plus edition. This year the band unveils the Galaxy buds and the Galaxy Z Fold and Flip series and the series has broken their own sales records.
McDonald’s
The world’s one of the most, if not the most popular burger chain McDonald’s was founded in the year 1955 by Maurice McDonald and Richard McDonald. The largest fast-food chain collaborated for their campaign with the BTS this year in April and released and included ‘The BTS Meal’ in their menu.
The meal consisted of 10 chicken nuggets, medium-sized fries, and coke, plus two dipping sauces Cajun and sweet chilli to give the flavour of South Korea. The packaging features the group’s logo and its symbolic colour, purple. The sales of this meal rocketed in 49 countries and made headlines.
Coway
This South Korean-based company deals with home appliances like water purifiers, air purifiers and it was founded in the year 1989 by Yoon Seok-geum. The company paired up with BTS and made them their brand ambassador this year in the month of March.
As per Coway, they wanted to enter the global market with the help of the band and have already become the highest-ranking water purifier brand in South Korea. Apart from that, the brand has experienced a huge hike in its sales in Malaysia and has made the country, one of its biggest markets outside South Korea.
Bodyfriend
This global healthcare company is popularly known for manufacturing luxury massage chairs is based in Seoul and was founded in the year 2007. The band collaborated with the company to promote their massage chairs in the year 2020. The brand’s customer base kept increasing and broke several of its sales records. Plus, the company experienced customers from the younger generation buying the product.
Chilsung Cider
South Korea’s most loved beverage brand Chilsung Cider collaborated with the K-Pop band in the year 2020 and made them the brand’s new face. During their 70th anniversary, the brand released the Chilsung Cider X BTS miniature set that sold out in just 10 minutes.
Puma
This company famous for its sports clothing, footwear, and accessories was founded in the year 1948 by Rudolf Dassler. Puma is the third-largest sportswear manufacturing brand operates in 120 countries and has over 13,00 employees. The brand collaborated with the septet in the year 2015 and has launched various fashionable items since then. One of the items, the black and white sneakers launched by the brand collaborating with BTS experienced massive popularity.
Fila
Another sportswear company famous for making products for men, women and kids was founded in the year 1911. BTS become the brand ambassador of Fila in 2019 and has over 800 employees working for the brand. The company operates in almost 70 countries. This year they launched ‘2021 Summer Collection’ and ‘2021 Winter Collection’ with the band that witnessed soaring popularity for the collections.
The Beer brand by Lotte Chilsung beverage made the septet their face in this year on the month of April. Such is the influence that the advertisement comprises of the band kept on trending on the top after its launch on YouTube for four days in South Korea.
KB Kookmin Bank
The band became the face of this bank in 2018. It is one of South Korea’s major banks. They collaborated and released debit cards and saving programs that feature BTS. It was mostly done to target the customer base of the young generation.
Louis Vuitton
This French fashion house and luxury apparel company is one of the most famous brands in the world. It was founded in the year 1854 by Louis Vuitton. The brand made BTS their brand ambassador in the month of April of this year and welcomed them into their family. The group got featured in the Louis Vuitton’s Men’s Fall-Winter 2021 Fashion Show post the announcement of their collaboration.
Xylitol
This chewing gum brand under Lotte Confectionary collaborated with the band this year in the month of May. It was a campaign called ‘Smile to Smile Project’ where the band conveyed positive messages when the world is suffering from a deadly pandemic. The brand’s aim is to make people smile even in tough times as per the campaign.
Tokopedia
This Indonesian technology company was founded in the year 2009 by William Tanuwijaya. It is one of the largest technology companies from Southeast Asia mostly specializing in e-commerce. BTS partnered up with Tokopedia in 2019 as their brand ambassadors and since then it has produced a number of commercials featuring the septet.
VT Cosmetics
South Korea is known for its skincare and makeup products. VT Cosmetics, a Korean brand collaborated with BTS and launched several makeup products that received high popularity all over South Korea.
Hyundai
The multinational automotive manufacturing company is famous worldwide. It was founded in the year 1967 by Chung Ju-Yung and its headquarters is based in Seoul, South Korea. The brand welcomes BTS as their global ambassador in 2018 and since then has partnered up with the band for several marketing campaigns and has also achieved in capturing the attention of young customers. The company with BTS is on a mission to promote its future technologies.
BTS has proven that language is not a barrier if you love something and strive harder to achieve it. With over 41.7 million followers on Twitter, they remain one of the most influential artists in the music industry.
People follow them and get inspired by them not only because of the messages that they convey through their music but also the values and ethics that they stand for. Numbers of brands are collaborating with them because they understand what kind of power these seven men have in inspiring millions of people.
FAQ
Who is BTS?
BTS is also known as Bangtan Sonyeondan or Bangtan Boys is a 7 member K-Pop boy band from South Korea. It is comprised of 7 members, RM, Jin, Suga, J-Hope, Jimin, V, and Jungkook.
What are the brands endorsed by BTS?
Brands endorsed by BTS are Samsung, Louis Vuitton, McDonald’s, Coway, Hyundai, Bodyfriend, Tokopedia, Xylitol, KB Kookmin, BankVT Cosmetics, Fila, Puma, Chilsung, Cider, and Kloud.
What is the net worth of BTS?
The net worth of BTS in 2021, is an estimated $100 million.
Over the last few years, a huge change has been witnessed in the music consumption pattern of Indians which has led to a boom in the Indian Music streaming industry. A country where a majority of music listeners relied on radio and television, now have at least 200 million listeners using music streaming services, owing to the lowest price of internet services in the world.
With the increase in the number of subscribers on such a frequent basis, top players in the music streaming industry like Apple Music, JioSaavn, Spotify, etc are battling it out to capture the Indian market.
Affordable data packs can be an important factor that most smartphone users are now using streaming platforms to listen to music on their mobile phones, tablets, and even on computers. While international giants like Amazon Music and Spotify are trying to establish their footing in the Indian zones, local players have also attracted millions of subscribers with a considerable collection of Bollywood soundtracks, podcasts, devotional music, regional songs, etc.
Gaana- Hindi for ‘song’, owned by Times Internet is one of the largest music streaming services in the country with more than 150 million active subscribers. With a majority of its 45 plus million tunes from India, Gaana is ahead of global players like Spotify and Amazon Music. Also, the music is in 20 regional languages, including “auto-tuned Punjabi-language pop ballads, Hindi hip-hop and devotional tunes,” according to the Wall Street Journal.
Grassroot strategy and connection to regional music is an advantage over its international competitors. No other music streaming platform provides such a wide category of region-specific Indian songs. Gaana has also reduced its subscription prices from Rs 1,198-Rs 299 for the annual premium plan. Being active in the country have also allowed these services to acquire music rights from different music labels.
JioSaavn
The closest competition of Gaana is JioSaavn, with a 24% market share and more than 100 million monthly active users. JioSaavn became the second-largest music streaming platform after the Jio-Saavn merger in 2018. The streaming service hosts over 50 million songs, including, western, Bollywood, indie, or regional artists in languages like Tamil, Telugu, Punjabi, and more.
JioSaavn has also slashed its prices by 70 percent to lure more listeners. The monthly plan for JioSaavn costs Rs 99. The JioSaavn app is available on both iOS and Android platforms. Additionally, JioSaavn improves on Saavn’s earlier user interface and makes it better. However, JioSaavn retains several features from Saavn and adds some new forms of content.
YouTube Music service has the added advantage of Google Play Music’s 35 million song collection, along with the brand of YouTube. The platform has the biggest music catalog, including remixes, covers, renditions, live performances, etc. YouTube Music is a part of YouTube, made specifically for music listening experience.
The platform offers up to 256 kbps streaming and also recommends music based on our preferences. It also offers us the ability to switch between audio/video playbacks. YouTube music also has a feature of the offline mixtape, which saves up to 100 tracks to the device based on our liking. There are two versions of this application, listeners can opt for the free one which includes advertisement and does not have background play advantages.
On the other hand, the paid version costs around Rs 99/month, the Student plan costs Rs 59/month and the Family Plan (for six users) costs Rs 129/month.
Spotify
Spotify is a Swedish music streaming platform and was launched in the year 2019 India. Spotify provides high-quality music at a maximum bitrate of 320kbps and has around 40-50 million songs added to its catalog.
The streaming service has a free and a paid version and is available on both android and iOS platforms. Apart from this, Spotify provides features like curated playlists, collaborative playlists, song lyrics, song credits, podcasts, and also it can cast music on any device.
The app also provides an interesting user interface that keeps on updating regularly and includes new features and elements. It provides darker aesthetics, a modern interface of Spotify, and also made integrations for Instagram stories, Google Maps. Samsung devices etc.
Spotify Premium service for students is priced at Rs 59 per month and the normal version will cost Rs 119 per month for users. There is no family plan available in India.
Apple Music
Apple Music is a premium music streaming service which came to India in the year 2015 with different subscription plans. Apple had launched the Student Plan, Family Plan, and Individual Plan for Rs 60, Rs 190, and Rs 120. However, after analysing its competitors, Apple has slashed its prices.
It is now available for Rs 99 for individuals, Rs 49 for students, and Rs 149 for the family plan. Apple Music also provides a 3 months free trial in India. It also offers up to 256 kbps streaming and better quality compared to other platforms.
Apple Music provides personalized recommendations, a unique Apple user interface, and boasts a music catalog of over 70 million songs. The service also provides mixes, music video playlists, Beats 1 radio, along with news and sports content. Apple Music also offers Siri and Apple Watch integration and Shazam integration.
Interestingly, Apple Music can be accessed on both iOS and Android devices.
Wynk Music
Wynk music is owned by Airtel and has a 15% market share in India. The app is for both Airtel and non-Airtel users and is only available on the Android platform. Airtel has also started pilots for hosting live online concerts on the Wynk Music app.
It aims to provide the adoption of streaming platforms and provides artists to explore live streaming and virtual concerts. Wynk owns over 10 million songs and a large category of Bollywood and regional soundtracks. The service provides an unlimited download option which is quite popular among the users.
The premium plan costs Rs 29 per month for Airtel users and Rs 99 for other users.
Some artists and musicians don’t believe in earning money through their arts. On the opposite end of the spectrum, you have individuals who have monetized their creative skills. Music streaming is one such domain which allows artists to earn income. If you want to know how music streaming services enable artists to make money, then this post is for you.
The global music streaming market experienced its fourth consecutive year of growth in 2018, generating over $19 billion in revenue. Music streaming now accounts for almost half of that revenue with 255 million paid users worldwide.
A complete transformation in the streaming music industry began with the launch of Spotify, the music streaming Stockholm based startup. Spotify came into being on October 7, 2008, at a when music streaming was considered as the consumers’ wildest dreams and only accounted for 1% of the global music sales.
By 2013, Spotify had almost 30 million active users along with almost 8 million premium subscribers.
The digital music industry now rests in the hands of Apple Music and Spotify, and has become a mega contributor to the revenue generated in the music industry. This research was conducted by the Wall Street Journal.
The data included paid as well as streaming subscriptions; it also reported a jump in subscriptions for both apps by 31%, which equated to 62% of the industry’s total gross revenue. In 2019, Apple and Spotify reported an 18% shift in revenues valued at 5.4 billion dollars.
Although most of it came from music streaming, physical media sales also went up unexpectedly. Both vinyl and CDs saw a massive jump in sales in the past few years.
Still, this notable increase in physical media sales can’t compete with the music streaming force industry, an area backed by artists like Taylor Swift, Ariana Grande, and Drake. Although these artists aren’t paid huge in music streaming, an appreciable segment of their customer base relies on music streaming.
Growth Of Streaming Apps
How Music Steaming Industry Earn Money
Physical music services, in the form of CDs and similar mediums, were the primary source of listening to music till early 2000s. With the advent of iPhone in 2007, the availability of high-speed internet, and a more digitally inclined crowd, these physical mediums started declining from 2008.
The launch of Spotify and other audio streaming services launched at nearly the same time got a major boost; people were exploring the wonders of audio streaming. And with the emergence of 4G, better smartphones, and everything transitioning to cloud, these streaming apps are now mainstream. The younger generation is now addicted to music streaming and can’t survive without it.
Artists make a lot of money. How? Almost 70% of their revenue comes from online subscribes as well as advertisements.
The allotment strategy adopted is pro-rata allotment in which a fixed percent is allocated to the artists out of the total streaming base (in the form of royalties). However, artists and musicians desire the payment to made on the basis of who the audience likes and listens to the most. Deezer, a music streaming app, is pushing for this change and pressurizing the big giants to do the same.
Inventions and innovations are the part and parcel of every industry. The growing competition is encouraging a huge transformation in the music industry. The newest innovations emphasize on understanding the listening habits of an individual and directing them towards tailored recommendations.
The new era is about competition between Netflix, Amazon Music, YouTube music, Spotify, and others. Spotify took a major step in acquiring Gimlet Media, taking the initial step towards original content. The acquisition is also a way to recover the lost revenue by enabling more music platforms for streaming coupled with hiked subscription rates.
The connection and intimate bonding with listeners has become stronger with the launch of live streaming. Music is now not just about pleasure and enjoyment, but a platform to make money. These streaming platforms continue to provide more avenues to musicians, a medium to be in front of appraisers and audience with some help from tech giants.
Ipsita Acharya
