Next week we will be hosting a panel at Tileyard Studios with the Young Guns Network, aimed at discussing how brands are diversifying their revenue streams and reaching new audiences. We have invited a top class group of speakers including Lauren Pavan (COO at GRM Daily), Andrew Akuffo (Head of Events and Brand Partnerships at Ministry of Sound) and Amiel Walia (Parnterships Manager at Arsenal FC). We caught up with Andrew to hear his thoughts on this evolving space.
What is your role at Ministry of Sound?
Head of Brand Partnership & Events. My team delivers 350+ events, outside of the club every year. We also create and deliver Brand Partnerships across the MoS Group
How is your brand diversifying and reaching new audiences?
MoS has always been a daring, courageous and innovative brand. Diversification is in its DNA. From MoS branded Nissan Juke cars to our latest Fitness offering, we’re always trying to reach audiences with our core values but with different propositions
Biggest challenges you see when diversifying revenue streams?
The biggest challenges are 1. Losing your current audience – There’s a danger that your core offering can be diluted and your audience moves away.
2. There’s a danger that you don’t know enough about the area that you are moving into and you create a proposition, product or service that is not market-leading like the one that you are most known for
How important are partnerships for your business?
Partnerships are very important for most businesses in our sector. They allow us to reach audience that might not be easy to get to. There’s also the opportunity to create new revenue streams that allow us to do creative projects that we might not usually be able to e.g. fitting a Dolby Surround Sound System in the Club. They also represent a halo effect. Both brand’s equity is shared and our brand can benefit from the positive sentiment of our partners.
Are you exploring new markets & regions?
Always. We work in over 90 countries.
What are the biggest opportunities in terms of regions to engage?
We are looking at expanding into the US, middle East and Asia.
Join us next week for a drink, some casual networking and a ton of practical insights.
From international partnerships to launching new assets & I.P.; learn how the leading brands diversify their revenue streams
Get your tickets here