How Celebs Lose Millions by Saying βNoβ | Ryan Schinman & DJ Irie π₯ EP117
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Who is Ryan Schinman and what is his background in entertainment marketing?
Ladies and gentlemen, welcome to a very, very, very special edition to the Money Mondays podcast because I have a guest that always turns me down. He turns everybody down for speaking, for podcasts, for interviews, because everybody wants him, but he likes to be behind the scenes where he spends hundreds of millions of dollars with celebrities, brands, TV commercials, and a lot of things that you see in video games and television, he's actually the mastermind behind it. So our guest, Ryan Shiman, I'm going to have him do a quick two-minute bio so we can get straight to the money.
Thanks, Dan. Thanks for having me. And yes, the $8.72 that you paid me to be here today is definitely worth it.
It was $9.
How does Platinum Rye Entertainment innovate celebrity talent buying for brands?
That's all it took to get me on the mic. At the end of the day, though, my bio is pretty simple. I started off as a sports agent. I loved it. At 19, I was... probably the youngest guy in history to be a sports agent. I did that for a little while. Then I was the CMO of the first publicly traded sports marketing company when I turned 26. And what I realized, what I really enjoyed was working on the brand side versus working on the talent side. Working on the talent side, you're pitching talent all the time. You're kind of selling. My vision was, how do I become a buyer? And in 98, I started a company called Platinum Rye Entertainment. And our entire vision was if corporations would buy talent, music, and celebrity and athletes, the way they bought media through one vertical, you get cost savings, cost avoidance, and value add. So what does that mean? Essentially, it's collective buying. Why does someone like Pepsi use OMD to buy media instead of hiring three smart people to buy their media?
OMD is buying on behalf of 40, 50, 60 companies. So when they're calling CondΓ© Nast or Van Wagner Outdoor, they're calling NBC, they get cost savings, cost avoidance, and value added. And that was kind of the vision behind Platinum Rye, which I sold in 2004 to Omnicom. We sold the International 2007 to them. Stayed a long time, started a lot of other businesses, digital marketing businesses, a nightlife business, an event marketing businesses, which have all been sold. And today I'm the CEO of Mayflower Entertainment, which is essentially Platinum Rye 4.0, where we buy hundreds of millions of dollars worth of talent, music, celebrity, and music licensing on behalf of brands. And again, Dan, we represent the brands, the ad agencies, the corporations, not the talent.
Managing talent like babysitting?
I mean, it wasn't fun, especially because I wasn't managing Tom Brady or Rihanna. So at the end of the day, when you have third, fourth, and fifth round draft choices or a second round basketball player that you're begging to get a local car deal with or doing just a trading car deal at the time, much better being on the branding side. But look, a lot of babysitting too, Dan. CMOs, CEOs, heads of corporate communications can even be sometimes more challenging than the talent themselves. Right.
So let's say there's a big brand out there, food brand, makeup brand, hair brand, beverage brand, and they want to go get a JLo, Rihanna, Tom Brady, et cetera. Why not go try to find someone direct to them rather than going through an agency or a big company like yours?
It's a great question. I think here's the real reality. I think today with technology, with information, anybody can call and get in touch and figure out somebody's agent, someone's manager, someone PR agent, someone's lawyer. It's not that hard to get to the talent. The secret sauce is A, knowing the right talent and what they'll do and what they won't do for the budget.
Why is leverage important when negotiating celebrity endorsement deals?
Two, knowing if there's conflict. So if it's a beverage brand, Do they already have a beverage complex so you don't look like an idiot when you call and say, I'd like to have you for X, Y, and Z beverage? Knowing the price points, knowing the attributes, knowing the analytics behind it, but more importantly, it's having that leverage that I was talking about of spending and the buying power.
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Chapters
9 chapters
1
Who is Ryan Schinman and what is his background in entertainment marketing?
0:05β0:41
2
How does Platinum Rye Entertainment innovate celebrity talent buying for brands?
0:41β3:32
3
Why is leverage important when negotiating celebrity endorsement deals?
3:32β7:18
4
How can celebrities and athletes maintain consistency and relevance in their careers?
7:18β11:34
5
How do brands decide on the right celebrity or talent for their campaigns?
11:34β17:37
6
Why are media and marketing companies acquiring each other in today's market?
17:37β22:45
7
How are video games becoming a powerful platform for music and celebrity promotion?
22:45β31:04
8
Why should brands incorporate philanthropy or charity into their marketing strategies?
31:04β34:57
9
What legacy does Ryan Schinman want to leave for his children and employees?
34:57β1:02:16
Speakers
3 identifiedMore from The Money Mondays
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