How The Music Industry is Adapting to ESG Considerations
In the music industry today, consumers are not just interested in buying products and services, but they are also buying into values. As marketers, we need to modify our target audience's interest beyond music to include the values and practices of the artists they support.
Yanyn San Luis, CEO and founder of The Win Woman, shares her insights on the importance of the six stages of mental buying: [specific stages]. Her discussion underscores the need for companies to align with ESG values to stay relevant and competitive.
According to her article, the six states of mental buying (regardless of ESG) are as follows: Is this a problem to solve? What are the solutions to solve it? Who can help with the solution? How much do we want to spend? Where will this go wrong? Do we have to do this now?
One stage particularly pertinent to the music industry is: 'Who can help with the solution?' As a music marketer, I have witnessed the evolution of consumers and industry peers, who are looking beyond buying a physical product but also eager to build a meaningful connection. This connection can be fostered through specific actions or initiatives.
COLDPLAY
Artists Have a Powerful Voice
The British rock band Coldplay is a prime example of how artists can champion ecological causes. They have taken significant details to reduce their carbon footprint during tours, aiming to make their shows “as environmentally beneficial as possible and reduce our direct carbon emissions from show production, freight, band, and crew travel by 50%.”
Their commitment to sustainability is not just a statement but a tangible action that other artists and industry professionals can emulate. The band has offset the carbon emissions from their tours. It has encouraged fans to do the same by traveling to shows by ride-share, bringing refillable bottles, and helping various environmental organizations they support. They also promote fan engagement by asking them for ideas on continuously improving this movement.
REVERB
Different ways in which the company is creating music climate evolution in the music industry.
Reverb, a non-profit organization, partners with festivals and venues by offsetting a show’s footprint, hoping to eliminate carbon dioxide and make the concert experience more climate-positive to concert-goers. One of their programs encourages venues to swap plastic for paper straws and allow fans to bring refillable water bottles to shows.
In an interview with Rolling Stone, founder Adam Gardner explains, “We’ve eliminated over four million single-use plastic water bottles just through that program. As the music community increases its environmentalist focus, more venues and festivals are coming onboard.”
Takeaways:
Embracing ESG considerations in the music industry aligns with these values to educate and engage with fans, develop sustainable merchandise, support local communities, and promote green events. This significantly and positively impacts the world and strengthens our connections with consumers who prioritize sustainability.
Engaging with these values can make a more socially conscious impact and strengthen connections with consumers prioritizing sustainability.