Product placement: a new tool to manage for the art sector?
Consumption, behaviour and corporate communications IULM University Milan, Italy
Economics and Marketing IULM University Milan, Italy
In a very competitive context, like the contemporary one, creative industries and artistic and cultural sectors have being increasingly considered a driver for the economic growth. Creativity, art and culture are not only key strategic assets for improving competitiveness in the knowledge based economy, but they absolve multiple social and political functions. Nowadays, considering the actual crisis (no public money available and reduced expenditure attitude by consumers) art and cultural institutions are looking for new ways to create profitable business and new ways to raise resources for their sustainability. Therefore, an increased cooperation is necessary between business management and creative staff to reach these goals
Corporate grants for non-pro't arts institutions complement public, individual and foundation subsidies. So, especially in a period of economic recession, the role of corporations has become crucial. Corporate contributions allow a mutually beneficial interaction, whereby the company gives mostly money, but also goods and services, or expertise, trading it for the benefit of the association with the non-pro't institution.
The aim of the paper is to explore the role of product placement as a new form of collaboration between corporations and art institutions. After an analysis of the international scenario, the paper will examine the case of the successful insertion of the line for the hair care Diamond Gloss by Nivea in the Italian version of the musical Hairspray. Through the methodology of the case study, the paper will highlight the risks and the eventual benefits of this new form of cooperation between profit and non-profit sectors.