Last week, Megan Thee Stallion and Cash App teamed up to give away $1 million in stocks through Investing for Hotties—a new video series from the Grammy Award-winning rapper and the mobile payments platform.
The content play. Cash App’s hip-hop influencer model has been successful but there was room for it to develop. The one-off cash giveaways are a sweepstakes tactic to boost users. But sweepstakes often fall short on retention, active usage, and brand development.
Great content is how Cash App can attract more valuable customers. Meg’s Investing for Hotties can be a regular video series where she doubles down on the topics she mentioned in her promo clip like dollar-cost averaging, fractional shares, and diversification. Regular content creates habits with fans, which reinforces the likelihood of them consistently investing with Cash App. (sidenote: when Meg says “real hot girl shit,” this is what she’s talking about!)
The future for artists. This content push reminds me of a thought-provoking Twitter thread from startup event organizer Tyler Crowley, who connected the dots between Square and Twitter’s future supporting artists. Here are the main points:
-The companies under Jack Dorsey’s umbrella are Square, Cash App, Tidal, and Twitter
-Dorsey (and Jay Z) can roll out the red carpet to support artists:
-Square’s new bank – provides financial support for artists
-Tidal: release artists music (and give them higher payouts)
-Cash App: facilitate direct payments between fans and artists
-Twitter: helps artists monetize content through “Super Followers”
For artists, these services will be pitched as creator-friendly alternatives or supplements to record label contracts, indie music distributors, and the many options in-between.
Accelerate the flywheel. For the Square – Twitter mind trust, this accelerates growth. Square’s bank attracts more artists. Twitter and Tidal help them maximize their potential. Great content will bring in more revenue for Cash App. It can also pave the way for merch, commerce, smart contracts, NFTs, and other ways artists monetize.
It’s an ambitious plan that’s a better fit for artists who see themselves more as creative brands and less as musicians. Meg Thee Stallion fits perfectly. I’ve written previously about how her primary metric of success shouldn’t be record sales. Meg is already managed by Jay Z’s Roc Nation, so it makes sense that she was the first artist up.
When Jack Dorsey announced the Tidal acquisition, he posted a picture with him and Jay Z in front of a whiteboard with ‘ARTISTS’ written in the middle of a multi-spoked diagram. He wants platforms to build synergies on synergies. Jack Dorsey was on Disney’s board, and I bet he would love to create a version of that classic company map for himself.