LM had a talk with Ivan Colecchia, senior VP business development, The Insights Family, who delivered a well-attended discussion on new kids’ entertainment trends at the recent MipJunior in Cannes.
We learned from your presentation that current trends in kids’ entertainment vary from cinema to AI, to Asian influence… What do you think caused this diverse scenario?
Todays kids from a very young age have ownership and access to their own devices. We can also see by the age of 10-12, 61% of UK kids are allowed to navigate the internet (specifically YouTube) without parent supervision. This freedom to explore genres, interests, hobbies that they, their siblings, parents or friends love is meaning that they are able to shape the digital worlds in which they live in, a world which is unique to them. Albeit influencer made content such as Ryan TDM, historic content such as Friends or Beetles concerts, eSports contests – which originate from their home town or from the other side of the world. All of this means that “mainstream” is very much becoming a thing of the past, with niche platforms or genres now becoming mainstream in their own right, as they are globally accessible.
What information from your research would be useful to people involved in licensing? How are IPs evolving today?
Firstly it has never been more important to carefully define who your actual target audience is, as otherwise a lot of money can be wasted in trying to engage them. We are very proud to work with the global leading entertainment companies and we are told a lot how our intelligence transforms their ability. For example one global leading entertainment company realised that their fanbase was actually far younger than their own research had estimated. This intel informed them to evolve their licensing strategy and style guide for that IP, which we have now been told is performing significantly better at retail as the licensed product produced is now resonating with their actual target audience!
IPs are evolving significantly and one key aspect is how IP owners are building 360 strategies to keep their fans engaged, entertained and empowered to advocate to their friends. There is not a one size fits all, but content which resonates with its audience, should then evolve in a way which is appropriate and relevant to their target audience.
What could be the next market developments in a near future?
We believe the combination that there is an interesting formula which could see significant changes to the business models which IP owners, their licensing and retail partners may start to innovate with in the near future…
Rise of User Generated Content (coding, video, audio, etc) + Advancedments in technology + Evolution of retail + Entrepreneurial nature of this next generation could see a whole new business model for the licensing industry to embrace.