Bank on Coachella?
Revolve Festival - Coachella, CA 2019
The Money
Since it’s inception in 1999, Coachella has become a billion dollar enterprise profiting over $100 million dollars on average in back to back years; 2016 & 2017. A Coachella Production brings in over 250,000 music aficionados, celebrities & micro influencers and at $429 a pop for general admission the numbers start to add up. Grammy’s reported that Coachella profits have 7x since 2007.
Mulqueen, a contributor at Forbes reported that Coachella alone brings in over $704 million dollars of economic activity during a Coachella week. From Big to small brands, companies all over must figure out to bank on Coachella or not. Like the saying goes, numbers don’t lie.
The Opportunity
With Coachella having a massive economic ripple effect, brands have an enormous gateway to integrate their message through strategic partnerships & consumer engagements. When we think about how embedded Coachella is within our current state of culture -- it’s obvious why brands would look to capture Millennial & Gen-Z market share; making Coachella a primary focus to their marketing strategy during April.
Given the economic activity Coachella yields, brands are taking advantage of the opportunity Coachella creates. For example BMW Palm Springs partnered up with musician Khalid, & produced the campaign slogan #RoadToCoachella that offered a meet & greet at the dealership with exclusive merchandise driving business to BMW Palm Springs.
Revolve music festival is another brand capitalizing on the World’s most instagrammed music festival, Coachella; having many artist perform such as Cardi B, Offset, Rae Sremmurd, Tyga, A Boogie With Da Hoodie along with many social media influencers sharing their experiences, outfits & lifestyles at Revolve Music Festival in Coachella.
The Challenge
Knowing now why Coachella can be a great opportunity for your brand, the most vital part is figuring out how to integrate your marketing approach with the 250,000 + consumers. Of course the goal is to generate sales & to build fans of your brand; however given that majority of attendees are Millennial / Gen Z consumers it’s imperative that their experience with your brand speaks their language. According to Forbes contributor Julian Mitchell, brands are recognizing that multicultural Millennials (who make up over 50% of attendees at Coachella) integrate their personal/ professional lifestyles, meaning if brands want to capture & retain their newly obtained market share, brand experiences need to be less transactional & rather infused with their targeted demographic ethos.
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-Brandon Estrada