How A24 stands tall amongst giants.
A24 has succeeded brands like fox searchlight and now holds as much esteem and recognition not just amongst film aficionados, but the public, with name recognition matching the same power as Paramount, Warner Bros. and Universal.
So what approaches did A24 apply as part of the brand strategy to build a company into the success it is in just 10 years? How does brand contribute to their business strategy, and what lessons are important from a B2B perspective?
I'm going to break this down into what I think are 3 main contributing factors of their brand strategy that contributed the greatest to their success, along with key tactics.
Brand positioning - The arty distributor
The business strategy from A24 initially started with the process of finding films on the festival circuit. They would go along to film festivals and shop for strange and interesting films to then distribute. So far, this sounds like any standard approach to an up-and-coming distribution company, but it does have an important distinction. Intentionally arty.
In major film distribution circles at the time in 2012, art focused or stylised films had been more and more in decline. Although small picture house distributors and studios did exist, such as fox searchlight, these businesses were extensions of existing companies, and were increasingly seen as more and more risky ventures, as stakeholders and C-level executives were more focused on where the data was driving them. This ever widening gap really allowed A24 to position themselves to fill this void, as undeniably, there are a lot of the public which enjoy the craft and creativity of film, and are happier to put their money into an experience they may not have a frame of reference for. It is this positioning of giving the public the intentionally arty films they wanted, that allowed A24 to wedge into the competition and continue to drive their business to success.
B2B Lesson - Finding and leading with market gaps within your industry and filling it with Distinction creates a foundational brand position.
But when you have a position, especially one that may appear financially risky, how do you support it?
Brand Values - Quality, Freedom, Creativity
A good way to describe an A24 film is "you may not like, but it's still well-made". And this comes from the brand values guiding the business, from their initial film purchases for distribution, to the films they have made over the last 10 years.
By recruiting very talented filmmakers, and giving them complete creative and artistic freedom, they have received 49 Oscar nominations and 16 Oscar wins, validating their quality and creating a positivity cycle for A24; Give talented people creative freedom, which will win them Oscars, which then gives A24 more free press as a studio to work with, giving A24 increased access to high quality filmmakers, making products that get them Oscars, and we go on like this.
B2B Lesson - Work on the true attributes of your brand values and stick to them to get the most return and profit.
By having values in line with their Internal Brand and Brand positioning, they have been able to continue to accrue more and more success. At this stage, only 2 things would cause a disruption in these values. 1 being competitors being able to occupy a similar space, therefore incentivising A24 to modify the strategy; or 2, a change in business direction, as more success nets more growth, and the model no longer works for the jump into the next scale.
Brand Voice - Feel the Vibe
A24 from its initial work and starting on its positioning, internal brand and values, saw a quick easy and efficient way to market its movies, social media and GIFs.
You would think that with an approach of creator first, art as a business, would aim to take itself more seriously, but in actuality the Brand archetype, although at its core is the Creator, it has the influence of the Jester. And it's this influence, the jester, that helps make A24 so palatable to mainstream audiences, fortify its positioning. You may have made a serious film, that goes deep into the introspection of the human psyche through the protagonist's suffering and agony, but you also made a GIF from that one moment the protagonist is dancing weird, and the background is a glow up.
This ability to make fun at its own expense in the world of the internet, and still be a real gritty and harrowing film experience, gives A24 a complete free pass in terms of artistic integrity. By also leaning in very early into the slowly solidifying world of the internet through the 2010', using GIF's, meme culture and even (what are now) archaic platforms like Vine, they were able to drum up a lot more audience interest through fickle spectacle, and pull in the audiences, what their competitors originally thought of unattainable.
B2B Lesson - Leverage your brand personality and values as part of your marketing tactics, and don't shy away from unknown or new channels.
Outcomes of Success - Brand Maintenance and Brand advocacy
So with all the above, including the 16 Oscar wins, A24 was able to develop a successful company by leaning into and sticking to a comprehensive brand strategy. This has pulled them what I would consider 2 ongoing brand states; brand advocacy and Brand maintenance:
Brand advocacy
Now that A24 has shown it is here to stay and continue to produce great movies, there will be a dedicated following to A24, their movies and their own brand. This is simply evidenced by having their own line of merchandise being more coveted and in demand than any merchandise from any 1 film.
As well as an additional income stream for the company, this advocacy will continue to grow with the business, provided it maintains its existing brand strategy, and provide them with even more free marketing and advertising without them spending millions on traditional advertisement campaigns.
But you're only as good as your last deal, which brings us onto:
Brand Maintenance
A tricky part of brand, and a part that is even more dangerous with creative works, is maintaining the brand image and identity which has been cultivated. Pixar is a great example of a studio that could do no wrong, until they did. Although Pixar recouped this with successful pieces, it has lost its relevance and identity to competitors to this shift in its perception.
A24 have a similar battle to hand, as although there are 5–10 movies that people think of when they think of A24, they have distributed/produced over 131 titles, with come as low as 11% on rotten tomatoes. This means that, ironically, to maintain both their brand identity and adhere to their values, they have to go through the trouble of actively burying the dud's as quick as possible and avoid further discussion.
They also widened that danger through films being leased to streaming services and TV shows also, which, if they are poorly received, can do a lot more harm than the good a positive review will provide.
To summarise, the primary things have allowed A24 to succeed in competing with giants is a comprehensive brand strategy, aligned with authenticity and conviction in the brand. By adhering to this principle, they will be able to modify the brand in time to meet the scale and changes they will need for the future and further leverage the brand for increased brand equity and generate more returns.
