Hollywood In On Social Media
July 28th, 2011 | by Jen |When you think of Bono or Lady Gaga, the term “Silicon Valley entrepreneur” hardly springs to mind.
For now, at least. The U2 frontman and pop sensation join Justin Timberlake and Ashton Kutcher among the growing ranks of celebrities who, rather than employ their star power to hawk consumer products, are increasingly driving high-tech investments.
Hollywood has always held a certain fascination for the monied elite, from Wall Street bankers to Middle Eastern oil sheiks. Now, it seems Hollywood is returning the favour and dabbling in a bit of capital resource-allocation of its own.
Timberlake made waves in late June when he bought a stake in ailing social network Myspace alongside digital advertising company Specific Media. The actor-singer will play a crucial role in revitalising the web company.
“We live in a world of brands,” said Howard Bragman, a public relations executive and founder of the strategic media agency Fifteen Minutes. “A handful of smart celebrities and their reps realise that all the areas where they can flex their marketing muscle are financial opportunities.”
Savvy celebs are trying to fuse entertainment and social networking, closing the gap between performer and fan. That may well be the key to future success, according to Bragman.