Business Insight — Business Administration
5 Lessons from American Idol
By Ian Portsmouth Love it or hate it, the teachings of the billion-dollar-a-year TV franchise should be music to every entrepreneur’s ear. 1. American Idol generates sales of US$500 million or more from its many revenue-reaping spinoffs, including branded merchandise, an annual live concert tour and, of course, the recording contracts of its participants. Lesson: exploit ancillary revenue streams. 2. The American Idol concept debuted in the U.K. as “Pop Idol” before being localized for 26 other markets, including the U.S., Canada, Bulgaria and West Africa. With the exception of language, all versions are pretty much the same—they even have their own Simon Cowell. Lesson: create products with great export potential. Download the PDF today and read the rest of the story.