Lady Gaga is not just a creative genius and a cyberspace superstar, she also has some good business sense and knows how to turn her stature as a major player in pop culture into treasure gold.
A true internet media savvy herself, Lady Gaga is said to invest – both financially and intellectually – to a new social network that will be tailored to cater the needs of celebrities and performers like her who utilize social networking sites at great lengths to communicate with their fans. The website will be called Backplane and it is getting some serious financial backing not only from the singer but also from Google’s Eric Schmidt.
So what does Backplane have that Twitter and Facebook doesn’t?
Speaking to The New York Times, Troy Carter, Lady Gaga’s business manager explains, “Backplane will provide a platform and tools for communities to socialize and communicate on a more focused level. We needed a more concentrated base.” He also added that the idea for Backplane sprung about after his meeting with Apple’s Steve Jobs, where the CEO of today’s most valuable brand explained the prospects of Ping, Apple’s social networking portal tailored to music lovers, and Lady Gaga teaming up to boost both the site and the artist’s reach among frequently online music junkies. But Carter thought of something much better.
While Gaga is said to own a fifth of the future site, majority of the funding will come from Tomorrow Ventures, a venture firm established and owned by Eric Schmidt, executive chairman of Google. To date, the firm has already produced more than a million dollars to operate the site.
According to social media strategist and researcher Jake Wengroff from Frost & Sullivan, Gaga’s Backplane has a good chance of not only breaking ground in the already overpopulated social networking marketplace, but it can also survive the virtual industry by virtue of the singer’s constant dynamism, fearless perspective and personality, and innate shrewdness. She knows how to utilize the media’s fascination with her, her music and her personal style as her platform to reach out to the world and even boost her name’s market value.
“Lady Gaga is different, as she is quite aware of the power of technology to drive interest in her music — while simultaneously netting her outsize returns. Not all of her and her business partners’ ventures will make money, but her willingness to lend capital and credibility to even the tiniest of start-ups and concepts can only be a boon to the industry overall,” Wengroff explains.
Indeed, Gaga’s goal of spreading her philosophy through music and fashion via the internet is turning her into an icon, a successful entrepreneur and a highly sought-after brand, as well. Her recent ventures with Zynga, makers of the popular Facebook app FarmVille, and social app creators Tapulous, famous for its Tap Tap game series for the iPhone and iPad, has made her more valuable in the financial market and more popular in the social networking world, which continues to evolve to include several platforms such as music and gaming. And considering she’s got more than 10 million followers on Twitter – and the first person to have done it – and more than 35 million fans on Facebook who ‘like’ her, there is no doubt that the ‘Born this Way’ hit maker’s new venture has a very promising future.