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Pro sportsmen/women along with entertainers are usually blessed with privileges that the average man isn't. Being famous might be 'handful' at times, but it also comes with a few perks. One of those perks would be; the ability to capitalize and monetize one's identity in the public eye. Simply put, we call this privilege- using one's name, image and likeness and profiting from it. Sounds 'pretty' cool doesn't it?
What are image rights?
Simply put, in a pro sports context, image rights are the rights an athlete has- to control, sell, license out and monetize their likeness. For example their name, nickname, voice, signature and all other characteristics associated with the athlete. The same applies for famous entertainers such as singers, rappers, comedians and actors. Corporations aren't allowed to use these individual's image and likeness without their consent, licensing and financial compensation. It is a sure business opportunity for pro athletes and entertainers because they can earn passive income by making public appearances and allowing brands to associate their names alongside their products. Name, image and likeness has become a huge topic within the USA collegiate sports industry. College athletes being able to profit from their name, image and likeness will be a game changer for college sports in general.
More student athletes might just be inspired to actually play and possibly graduate from college, rather than playing a year or two. In the past, they rushed to go pro for financial reasons and to be able to starting profiting from their name, image and likeness. That element has always been the common denominator. Famous rapper, Percy Miller A.K.A Master P's son- Hercy Miller, has already signed a $2Million endorsement deal with a tech start-up company in the US. Hercy will be suiting up for Tennessee State University as a freshman this coming fall. It's going to be amazing witnessing collegiate star athletes make money from their name, image and likeness. It is going to change so many of these young men/women's lives. A lot of them come from disadvantaged backgrounds and getting checks from marketing, will definitely change their financial situations enable them to help out their families back home.
What are the options available for Commercializing the name, image and likeness?
Merchandising: Merchandising refers pro athletes and entertainers monetizing their own name, image rights and personal status. Athletes/Entertainers can create their own brand or personal range of products which they can sell to fans and followers.
Sponsorships: With regards to a sponsorship agreement, a corporate brand pays the public figure or provides them with products as an exchange for marketing rights by the athlete/entertainer. The marketing rights might involve wearing the products or taking part in advertising campaigns.
Endorsement Deals: Similar to a sponsorship deal, an endorsement deal is when the pro athlete/entertainer endorses or personally recommends the products made by a certain brand, to the public. The brand pays the public figure for association and partnership purposes because it believes the affiliation will influence buying patterns by the public.
When done right, professional athletes and entertainers are able to accumulate large amounts money by exploiting their own name, image rights and likeness. A great way to build wealth!
Sports Biz: From an Agent's Perspective Podcast Episode links:
Spotify
Apple Podcasts
Anchor FM
- By: Khangelani Zila Mbekela
Sports Agent & Writer
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