In the uncertain coronavirus era, brands & agencies are anxiously waiting to find out if they can recoup sponsorship losses from events like SXSW, Coachella & more
A view of signage during the Bud Light x The Roots & Friends Jam Session.
In the uncertain COVID-19 era, brands and agencies are anxiously waiting to find out if they can recoup sponsorship losses from large events like SXSW, Coachella and NBA games via makeup dates. Corporate contracts"cover us in termination cases," Feit says, but not 100%."It's day-by-day," he adds."It is a little impactful for us if there's a slowdown of events.
Like many brands and agencies, We Are BMF is trying to"pivot our thinking" from major events with large crowds to smaller, more intimate gatherings and digital happenings, Feit says."This short-term time period, we're thinking, 'How do we reach the consumer, either at an event at their house, or through digital?' But I do hope this isn't a permanent shift."
"What [brands] need to do is say, 'OK, if we can go into 10 markets in 10 cities and host 100 or 200 people,' you multiply those experiences and they can actually be a much larger than that one grand concert," Gutman says."Now they have full control. They're the only brand in the room.", founder and CEO of Music Audience Exchange, a marketing company that puts artists and brands together for online events, doesn't plan to"skip a beat.
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