IS THE MET GALA WORTH THE INVESTMENT?
The Business of Fashion by Imran Amed: For dozens of brands, dressing stars for the Met Gala comes at a significant cost. It’s not always clear how they should measure their return on investment, writes Imran Amed.
But brands are understandably tight-lipped about how much they spend. Loewe likely got a big table as part of its estimated $2 million sponsorship deal. Adding in all the other expenses of bringing these people to the Gala would take the total cost well beyond that, resulting in a back-of-the envelope estimate of about $250,000 per attendee.
🎖 So is the Met Gala worth the investment?
An entire industry has developed around trying to put a dollar value on the conversations and content generated by big events like these, from fashion shows to the Superbowl. And every year just after the gala has finished, the BoF team receives press releases from a growing number of companies who claim to have cracked the code on who won the Met Gala.
But comparing the findings from these companies, each of which has their own methodology to measure the volume of the online conversation and the engagement it generates, surfaces some pretty significant inconsistencies.
Take for instance the difference in findings on the most talked about and visible brands at this year’s Met Gala. According to Lefty, the most visible brand was Thom Browne (who dressed Gigi Hadid and Cynthia Erivo, among others) based on 34 posts generating $2 million in earned media value or EMV, which the company defines as “the equivalent ad spend of the impressions gained, calculated by estimating the number of impressions of each publication and associating a CPM of $100, equivalent to $1 per engagement.” This sounds like $1 per like, comment and share.
Over at CreatorIQ, which has its own measure of EMV analysing co-mentions of a brand with the hashtag #metgala based on three factors: platforms, audience engagement and creators. So for example, a YouTube video is accorded more EMV than a tweet; an Instagram post that gains lots of likes and comments has more value than those where a user just scrolls by, and brands are not rewarded for engagement on their own posts, just on the posts created by third parties, which in this case would include posts created by celebrities, who often have terms in their contracts about how much they have to post and where.
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Founder, Creative Director, Designer / Lifestyle Brands from Start-ups to Icons
4moI love this!