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Panel Detail:
Tuesday, April 27, 2004 3:55 PM - 5:15 PM
Cultural Convergence: The Fusion of Media, Music, Fashion and Lifestyle Influences in Our Economy
Breakout Session
Sponsored by American Vantage Media
Chase Carey of DIRECTV, left, discusses the overlap of culture with his industry and those of fellow panelists Tom Kalinske of LeapFrog Enterprises, center, and Leslie Moonves of CBS.
Leslie Moonves, Chairman and Chief Executive Officer, CBS
David Neeleman, Founder, Chairman and CEO, JetBlue Airways
Orin Smith, President and CEO, Starbucks Corporation
Moderator:
David Schulte, Vice Chairman, American Vantage Media
Summary:
Imagine for a moment that you are traveling on Jet Blue Airways, watching the latest episode of CBS’s “Everybody Loves Raymond” on your personal in-flight television service provided by Direct TV and that Raymond and his family are sipping cappuccinos at their local Starbucks while engaged in a deep discussion about the new LeapFrog educational toys. Scenarios like this were considered by the distinguished panelists who discussed the overlap of business and the film, music, fashion and lifestyle industries and the importance of connecting the touch points of each in driving the value creation of brands.
Do companies chase cultural trends or do they create them? The panel concluded that they do both. Orin Smith spoke of how his company set out to create a cultural social experience in their coffee houses. His comments were echoed by David Neeleman, who said that his company sought to change the culture of traveling and bring humanity back to air travel. However, Thomas Kalinske contended that his company was addressing a demand in the culture to better educate children. The picture is less clear for media companies themselves. Panelist Leslie Moonves noted that “CBS reflects the culture and is the culture.”
At the heart of this discussion was the ability for a company to build a brand that works well in today’s culture. Within the convergence of media, entertainment, technology and globalization, it is increasingly important for a company to build a brand that is strong enough to transcend these elements. To accomplish this, Starbucks seeks to create an environment within their coffee houses that is a congregating point for its customers. Jet Blue seeks to create an overall experience so their customers perceive great value at a reasonable price. LeapFrog adapts the educational styles of a culture to operate on its technological platform. CBS and Direct TV seek to be the delivery device to an ever-diverse and changing culture.
Perhaps the most popular form of cross pollination in the converging world is the use of product placement. Not only has product placement given companies a new venue to market their products, but a new means to reinforce brand image, while benefiting the medium through which they are placed. Furthermore, branding is strengthened by the mere exposure of their products in different venues. Starbucks does not pay for celebrity endorsements, however they benefit every time a celebrity is photographed strolling down the street with a Grande Latte in hand.
The panel agreed that the fusion of media and pop culture creates extraordinary opportunities. The continued advancements in technology combined with globalization should provide companies with plenty of culture for which to contend.
