New Road Media is a business development consultancy for media, commerce and technology companies.
New Road Media was hired to generate new non-traditional revenue streams for SONY Music
SONY Music Entertainment
Lost market share at the hands of streaming/downloading services. As streaming and download sites continued to capture more market share and pull increased sales from music labels, companies such as SONY Music were eager to seek non-traditional revenue sources to help fill the void.
New Road Media was brought in as a consultant to help achieve the goal. After attending and contributing to many strategic brainstorming sessions with SONY Music senior management on creative ways to generate new revenues, New Road Media selected and focused on one idea that came from the brainstorms and ran with it; the idea exploited the connection between music artists who had a perfume line and physical music sales.
The idea was to insert a sample perfume strip of the SONY artists who had a perfume line into their CD packaging, offering the consumer a targeted message, the label and artist sponsor dollars from the oil house, Coty. With a new album about to drop, Jennifer Lopez and her Glow fragrance was the first prospect New Road Media approached.
After many meetings with the artist’s management, senior Coty management and senior SONY executives, a major sponsorship was brokered by NRM and executed upon successfully. Many other SONY artists with perfume lines followed suit soon after due to its success.
This campaign generated significant non-traditional revenue for SONY Music Entertainment and was accomplished because New Road Media became an integral extension of the SONY team. This “insider/outsider” status allowed this one idea to be hyper-focused upon, without interfering with SONY employees’ day-to-day regular workload.