Webinar ‘Beyond the Hype: The Economics of Superfandom,’ – Watch Now

Open on Sunday webinar, ‘Beyond the Hype: The Economics of Superfandom,’ began today at 2 pm EST. Taking a seat at the table are Executives from superfan monetization platform Stationhead, social music platform Hangout, and SaaS provider, bemyfriends.Digital Music News and catalog acquisition platform Open on Sunday are combining forces to address the topic of the hour in the music industry: Superfans.

In an oversaturated market with an unsurpassable ceiling on subscriber growth, artists, labels, and streaming platforms seek novel strategies to amplify music monetization.

But how pivotal a role can superfans play in stimulating the music economy? What makes them so powerful?

Panelists for the webinar ‘Beyond the Hype: The Economics of Superfandom’ will delve into the economic value of superfans — expanding on the recent hype surrounding their ability to drive engagement, increase visibility, and generate more revenue.Ryan Star, CEO and cofounder of Stationhead: Playing as a rock frontman with chart-topping hits, Star built a global fanbase but found that in order to forge a real connection with his fans, the traditional nature of radio needed to be improved. This realization has been a guiding force as Stationhead has developed into a cutting-edge tool for artists to tap into their true fans.

Joseph Perla, CEO of Hangout: Entrepreneur and music tech expert Perla brings his expertise to Hangout, a social platform that allows artists and users to connect and experience music.

Steven Seo, cofounder and Co-CEO of bemyfriends: Seo is considered an authority on fandom’s global business and economic value. Bemyfriends is a SaaS solution that empowers creators to own and autonomously monetize their content and fandom.

Greg Spills, COO of Open On Sunday, brings his expertise in catalog valuation and acquisition, delving into the role of superfan groups elevating the value of IP and driving multiple revenue streams for artists.

Noah Itman of Digital Music News moderates the panel, airing today at 2 pm EST.

Drop into the conversation by joining the webinar ‘Beyond the Hype: The Economics of Superfandom’ — powered by Open on Sunday and DMN.

Panelists explore how and when superfans evolved into a lucrative business strategy. Of course, the existence of superfans isn’t new, but their influence on the music economy is a significant talking point in 2024.Within the notoriously volatile music industry, superfans have demonstrated incredible economic impact. Their devotion and knack for community drive streams, merchandise sales, album sales, word-of-mouth marketing via user-generated content — and more.

For artists and IP owners, it’s all about working smarter — not harder. Banking on devoted fan groups to drive higher streams ensures a larger piece of the streaming revenue pie.

In the face of a saturated subscriber market (for example, the US has 100 million paid streaming subscribers and only 160 million tax-paying citizens), superfans are a high-value strategy for IP owners.

Back in 2023, Goldman Sachs published a projection of the superfan monetization market at a whopping $4.5 billion.

Since then, this lucrative fan subset has been a constant focus, and industry biggies have noticed. UMG’s Lucian Grainge and Warner CEO Robert Kyncl signed memos earlier this year to outline their plans for superfan monetization in 2024,In January of 2024, Spotify also dropped hints that a superfans club might be in the works.

The scale of the superfan opportunity is expected to grow. A study by Luminate determined that almost 20% of listeners in the US can be categorized as superfans. This subset of fans is willing to pay over twice of what the average individual spends on music.

Essentially, superfans show up in ways that regular fans simply do not. And that’s what makes them so important.

Superfan groups such as Swifties and the BTS Army have become well-known economic behemoths for Taylor Swift and BTS. When it comes to supporting their artists, these superfan groups have surpassed the value of traditional fan culture.Besides being generous spenders, their mammoth numbers drive viewership, creating chart-topping tracks and record sales of the latest albums. They also join their artists in philanthropic efforts — anything to ensure their favorite artists stay on top.

But this reach and dedication is driven by a mutually beneficial relationship between an artist and their superfan.

Our panelists will also shed light on how superfans’ loyalty exposes them to efforts of exploitation, and protecting them is imperative to nurture the superfan ecosystem.

Webinar ‘Beyond the Hype: The Economics of Superfandom’ – Watch Now.