From Dwayne Johnson to Bryan Cranston, Nick Jonas to Kate Hudson, countless celebrities have been investing in alcohol-related businesses as of late. It seems their investments are paying off, making them (and their many business partners) very happy with their partnerships. Florida businesspeople who are involved in the alcohol business may want to take heed of the recent success of celebrity-backed alcohol brands.
Here are some of the reasons celebrities seem to be investing in alcohol companies in larger numbers recently:
- It’s no longer as taboo. In past generations, morality clauses within royalty agreements had celebrities thinking twice about endorsing an alcoholic beverage. Today, alcohol consumption is much more mainstream, which means more celebrities can get involved in the industry without risking their other income sources.
- Their influence can go a long way. Research shows that the influence of celebrities can have an impact on the behavior of consumers. With social media posts in the mix, it is easier than ever for celebrities to show off what they’re drinking and entice fans to join in.
- Quick profit turnarounds are attractive to celebrity investors. Depending on the spirit involved, it can be very quick for an alcohol brand to partner with a celebrity, release a product, and see profits. In particular, spirits like tequila are quick to produce. Spirits that take longer to produce can also be a valuable option for some, as they could be presented as luxury options. The options are seemingly endless!
Just look at the average social media feed, and it becomes clear that celebrities are open to alcohol-related partnerships. The question many Florida businesspeople may have, then, is how to find a celebrity investor to support their brand. Targeting investors whose personal brand closely matches the message being portrayed by the product in question is key for this. It is also important to involve a lawyer with experience in the alcohol industry when pursuing such partnerships, as there can be many legal considerations about things like advertising, shipping, licensing and much more.