Learn From Prince: Control Your Brand

I’m going to take a break from the “economic crisis” to talk about branding- which I’ve talked about in the past.

In this age when seemingly anyone can go on YouTube and become an internet star or start a blog and suddenly be a media-personalty- the brand becomes more important than ever.

This year, Prince, Madonna and Michael Jackson all turned 50. All three were at the top of their profession at one point but only two out of the three are left standing. And, despite what you may believe about Madonna, only Prince is totally in charge of his image, his brand and the money that flows from that.

Prince has a new book out called “21 Nights” that is a photography collection of the 21 nights of concerts he recently did in London (all of which were sold out.) He allowed the photographer into his personal world for the book.

The book is an extension of Prince’s brand, which is allowing him to distribute his music.

He recently gave an extensive interview to USAToday as the book was being released:

Music remains a passion. Not just a book, 21 Nights is a delivery system for Indigo Nights, a CD tucked inside. The 15 tracks, culled from post-concert club jams, include Delirious, Alphabet Street, covers of Whole Lotta Love and Rock Steady and two songs spotlighting protégé Shelby J.

He’s turned down multiple book offers, “but now we have to look at every form of distribution,” says Prince, who’s exploring a TV channel start-up to unleash his massive video archives.

He’s regarded as a maverick for fleeing the label system in favor of innovative distribution. In 2004, he bundled his Musicology album with concert tickets, grossing $85.3 million for 94 sold-out shows. Last year, he struck a deal with U.K. national newspaper The Mail, which included Planet Earth in its July 15 edition, leading Sony to cancel the album’s British release.

“We weren’t trying to upstage the record company,” Prince says. “I just wanted to get new music out. I asked Sony, ‘Were you planning to sell 3 million copies in London?’ I sold 3 million copies overnight. That’s a good, clear business deal.”

Prince acts as his own manager and lawyer (sure to keep costs down that way.) He currently has no major record label deal (after fighting with his old one for years over control of his content.)

He says:

“Behind closed doors, they’ll tell you it’s over,” he says. Record companies can’t profit unless they retain ownership of artists’ work, “and that’s why labels are in a bad situation. People with content are going to win.”

It’s All About the Content

In this internet era, it isn’t enough to simply start up a website and think that will be your product. It’s about the content that appears on that website.

Prince was an early believer in the internet and distributed content on his own website until he realized that he was losing control over the content. In 2006, he shut down his website and still does not have his own site (almost unheard of in the entertainment industry where you have Lindsey Lohan and John Mayer blogging almost daily.)

He’s also not a fan of YouTube or iTunes:

Cyberspace “is a black hole to me,” he says. “YouTube is the hippest network, and they abuse copyright right and left. You see a song like Purple Rain turned into Pure Cocaine; what should my response be? I chase the money to find out who’s behind it. It’s a matter of principle. I don’t want my music bastardized.”

He’s not impressed by iTunes’ terms or sales projections (”They give you a figure that’s embarrassing”). While frustrated, Prince resists pessimism.

Even with the distribution difficulties, Prince is making money. Lots of it. Mainly from touring (why do you think Madonna is on tour right now?). But the music is getting out there.

Lessons from Prince on Branding

1. Never give up control of your content.

2. Look for alternative distribution methods to get your brand out there.

3. The Internet is not the end all, be all of your brand. In some cases, it can even harm your brand.

Your brand is your most important asset. Be like Prince: guard it.