Starbucks is looking for more involvement with the entertainment industry. Recently they promoted the movie “Akeelah and the Bee†and are in talks with the William Morris Agency to find more movie and book projects to market. Their goal is to become an entertainment-business investor and their entertainment department has relocated to Santa Monica to be closer to the heart of the industry to achieve this goal.
Implications - When Starbucks decided to further their product beyond coffee alone, consumers were impressed. Businesses should be conscious not to be typecasted into one realm of sales, but rather they should be considerate of ways to further their consumers' experiences with a particular product. Adding music and food to the experience of consuming coffee is a pleasant addition from consumers' perspectives.
Key Themes Behind This Trend
- Entertainment Industry Partnership
- Businesses can align with the entertainment industry to broaden their consumer base and create new and unique brand experiences.
- Investing in Creative Projects
- By investing in creative projects, businesses have the potential to connect with their consumers on a deeper level and create new revenue streams.
- Expanding Beyond Core Products
- Expanding product offerings to include complimentary products or services can enhance consumer experiences and create new market opportunities.
Where This Applies
- Food and Beverage
- Expanding into the entertainment industry can enhance the consumer experience and create new revenue streams for food and beverage businesses.
- Entertainment
- Partnering with businesses in other industries can provide opportunities for entertainment companies to expand their reach and connect with new audiences.
- Publishing
- Partnering with businesses in other industries can provide publishing companies opportunities to market their products in unique and innovative ways.
