This post is for anyone who has achieved a certain amount of fame who believes they should own their own story.
We will show how owning the intellectual property rights of a story matters for the financial prosperity of celebrities and athletes. At STORYSMART®, we believe that nobody should own or profit
from your story but you.
Sadly, some of
the people who have the most compelling stories to tell, don’t actually own
them. We see this consistently in our work with former professional athletes
and entertainers. While there is nothing inherently nefarious about the traditional media model, the reality is that savvy celebrities are able to convert their fame into fortune if they own their own storytelling.
The Pitfalls of Traditional Deals: Why Owning Your Storytelling Matters
In the glitzy realm of fame and success, the journey of
celebrities and athletes is often woven into a compelling narrative that
captivates audiences worldwide. However, behind the scenes, a complex dance
with the professional media storytelling industry unfolds, where traditional
deals can be a double-edged sword.
In this post, we shed light on the pitfalls of conventional
agreements that often exploit those who gain celebrity status such as
entertainers, musicians and professional athletes. Mass media is driven by profiting from storytelling. In a world where media is being democratized
by technology, the famous should be STORYSMART® by owning their own story and investing in great storytelling if they want to turn their fame
into fortune.
The Illusion of Fame vs. Financial Reality
The allure of fame is undeniable, but the financial reality
for many celebrities and athletes can be starkly different. Traditional deals,
such as signing away rights for documentaries, books, or film adaptations, may
seem lucrative at first. However, the long-term financial impact can be a far
cry from the glamorous façade. It's time for individuals in the public eye to
recognize the hidden costs of relinquishing control over their narratives.
1. The Lost Revenue Stream: From Interviews to Profits
for Others
One common pitfall is the tendency to grant interviews
freely without considering the financial implications. Interviews are the raw
material of storytelling, and when not approached strategically, they become a
lost revenue stream. Celebrities and athletes need to be mindful of the content
they provide, understanding that every piece of their story has potential
financial value.
While media appearances can enhance public relations, they
should not come at the cost of sacrificing exclusive storytelling rights. By
strategically managing interviews and content distribution, individuals can
turn these opportunities into lucrative revenue streams, contributing to their
long-term financial well-being.
At its most basic level, if you decide to grant an
interview, be sure to make your own recording of that interview for your own
storytelling source material.
2. Creative Control vs. Cookie-Cutter Narratives: The
Danger of Outsourcing Stories
Traditional deals often involve handing over creative
control to external entities. This can result in narratives that conform to
industry expectations rather than authentically representing the individual's
journey. Cookie-cutter stories might appease certain market trends, but they
rarely capture the essence of the person behind the fame.
Owning your story means retaining creative control, ensuring
that the narrative reflects your unique voice and experiences. Authenticity not
only resonates with audiences but also adds substantial financial value to
storytelling ventures.
3. Short-Term Gains, Long-Term Losses: The Financial
Equation of Traditional Contracts
Signing away rights for a lump sum payment might seem
enticing in the short term, but it often results in long-term financial losses.
As stories evolve and gain cultural significance, the individuals who lived
those stories should reap the benefits of their enduring appeal.
Owning your story allows for continuous monetization
opportunities. By strategically managing rights and licensing, celebrities and
athletes can create a sustainable income stream that extends well beyond the
initial burst of fame.
4. The Unseen Costs of Outsourcing Representation: Agents
and Middlemen
While representation is crucial in navigating the complex
landscape of the storytelling industry, blindly relying on agents and middlemen
can lead to unfavorable financial outcomes. Traditional representation models
may prioritize quick deals over long-term financial prosperity, leaving
individuals at a disadvantage.
Storytelling agents play a pivotal role in negotiating
deals, and choosing the right representation is paramount. Opting for agents
who prioritize transparent, fair agreements and align with the financial goals
of the individual can make a significant difference in the ultimate
profitability of storytelling ventures.
5. Beyond Royalties: Owning Intellectual Property for
Future Wealth
Traditional deals often involve trading royalties for an
upfront payment. While royalties provide a steady income stream, owning the
intellectual property rights to key elements of a story opens the door to a
broader spectrum of financial opportunities.
By holding onto intellectual property, celebrities and
athletes can explore diverse revenue streams, including licensing for
merchandise, collaborations, and innovative storytelling experiences. This
multifaceted approach not only enhances financial gains but also allows for a
more dynamic and personalized connection with the audience.
Conclusion: STORYSMART® Strategies for Financial
Empowerment
In an era where storytelling is a massive industry
encompassing publishing, film, television, gaming, and merchandising,
celebrities and athletes must be STORYSMART® about their narratives. The
pitfalls of traditional deals are numerous, but the benefits of owning your
story are immeasurable.
Financial empowerment begins with strategic
decisions—choosing interviews wisely, retaining creative control, understanding
the long-term financial equation, selecting representation carefully, and
recognizing the value of intellectual property.
It's time for celebrities and athletes to break free from
the shackles of traditional deals and embrace a new era where their stories are
not just captivating but also financially rewarding.
By owning their narratives, individuals in the public eye
can build a legacy that extends beyond the glitz and glamour, creating a
sustainable and prosperous future for themselves and generations to come. In
the storytelling industry, ownership is not just a privilege; it's a strategic
imperative for long-term financial success.
Are you an athlete or celebrity looking to monetize your
story? If you are, we can help.
We have developed a line of STORYSMART® services to help you
preserve your story and make the most of it from licensing and storytelling
monetization.
At STORYSMART®, we specialize in helping discerning clients
with documentary filmmaking, as well as using cinematic storytelling to help
market brands. We help individuals and
organizations with storytelling they own forever. All our storytelling services
are delivered as a confidential work-for-hire service, ensuring our clients own
the copyright on the own story.
If you are interested in learning more, please schedule a
FREE no obligation storytelling consultation now.
About STORYSMART®
You have a story to bring to the screen, but you don't have
the time, talent, or resources to do it yourself. Telling your story well with
a film can be hard. To do justice to your story on screen, you need a
professional filmmaker with the right skills, equipment, time, money,
storytelling, and filmmaking talent.
That is why STORYSMART® developed our premium filmmaking
storytelling service. We help discerning clients tell their story in the
amazing cinematic way they deserve with a proprietary done-for-you filmmaking
storytelling service unlike any other.
