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Originally Posted by grumpyolddude
I'm quite certain I don't comprehend "monetizing the culture surrounding the experience." Sounds like a cover charge and a two drink minimum.
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It's essentially merchandising, but it isn't limited to that. The example that Terry McBride used was during the promotion of an Avril Lavigne release. They got some artist to come up with a series of Manga-style minicomics with Avril as the main character. These comics were made available for download through cellular service providers for a fee, kind of like ringtones. I think they were $0.99 each or $1.99 or something. Anyway, it was a hit. Tween girls everywhere were downloading these things by the thousand. That's one way you monetize the culture. Lavigne in this case wasn't just a singer with a recording. She was also a comic book heroine. Same look, same style, different medium.
Other ways are more traditional including T-shirt designs, but also include DVDs of performances, interviews, and shenanigans, or subscriptions to website features or whatever. Generally the more recent trends are multimedia in nature and have microtransaction-based setups (i.e. under a dollar per transaction).
It's limited only by your innovation and creativity.