Posted by Barry Silverstein on March 18, 2010 05:20 PM
When brandchannel reported last month that Lady Gaga had signed a deal with Polaroid, we had to wonder what was going on. After all, why would one of the hottest young performers on the scene today connect herself with an old brand whose heyday was decades ago?
Now we know the answer. Lady Gaga not only agreed to become Polaroid’s “creative director” and lend her name to a line products – she is also getting a significant piece of Polaroid’s profits, according to the New York Post.
While Polaroid won’t confirm that she has equity in the company, the deal supposedly gives Gaga “far more than a cut of any revenue generated by Gaga-branded products.”
Polaroid is bidding to revive its brand and associate it with both digital photography and today’s youth. Clearly that’s why Polaroid hitched its star to the Lady Gaga phenomenon. The company believes its Lady Gaga line of products “could account for as much as 30 percent of its business.”
Lady Gaga, meanwhile, is becoming a product-endorsing machine, even to the extent of trademarking her name so that it can only appear on approved products. The artist, it appears, is holding all of the cards, and has moved beyond her poker face days.