Thursday, May 31, 2018

Memes Are Becoming Harder to Monetize

When a new meme explodes, the race to transform it into merchandise is fierce. Within hours of the laurel vs. yanny controversy, for instance, Instagram meme pages were attempting to cash in by selling yanny-and-laurel-themed T-shirts, aprons, and more.

But there was a time, from around 2008 to 2012, when seeing memes out in the world, plastered on books, merchandise, and T-shirts, was still novel. Social media was just catching hold, and memes began to seep out of forums and corners of the internet like Reddit into broader culture.

The literary agent Kate McKean, who has sold several meme-based books, refers to this time in history as the “OH! The Internet Is a Thing!” stage. It was a time when almost anyone could slap a meme onto a T-shirt, mug, plate, book, or poster and cash in. Meme-focused Tumblrs began to get book deals, FunnyJunk.com started carrying “rage face” merchandise, and Urban Outfitters ordered boatloads of T-shirts emblazoned with an image of “Scumbag Steve.”

Just five years later, the landscape has transformed dramatically. Competition is intense, and according to those who make a living selling meme-based products online, it’s harder than ever to make money on a meme.

The biggest threat to meme-focused e-commerce businesses, according to those in the field, is the rate at which people today consume memes.

“One of the biggest factors in a meme dying is if a meme gets overused,” says Jason Wong, the founder and CEO of a meme-focused e-commerce business called Dank Tank that sells merchandise like Tide Pod socks. “People today are consuming more memes than ever. The expiration date for them has shortened more since even last year. Memes used to last for two to three weeks, but recently we’ve noticed they die after just a few days.”

“It feels like the internet is all moving a lot quicker,” says Samantha Fishbein, the co-founder and COO of Betches media.

Brad Kim, the editor in chief of Know Your Meme, has observed this phenomenon firsthand. “In the early days of meme culture, so, late 2008 to early 2012, memes used to go on for months on end,” he says. Memes like the advice dog, for instance, first broke out in 2008 but remained in steady use until mid-2012. More recently, memes like Doge and Harambe stayed popular for nearly a year. “These are memes that would have way shorter shelf life now because they would get mutated into something different or cycled out by the community entirely,” Kim says.

The 24-7 nature of today’s meme cycle has posed problems for businesses that design custom merchandise based on memes. Time is needed to pull together a design, coordinate supply chains, and work with retailers. By the time things all come together, the moment has passed.

“A few years ago, we’d see a phrase and that phrase had a longer shelf life because memes came and went at a lower pace,” Fishbein says.

Today, memes come and go sometimes faster than T-shirts can be printed, and there’s nothing more mortifying than donning a T-shirt with a dated phrase. The Instagram star Tank Sinatra says this is the reason he’s shied away from selling meme-focused merch like other Instagrammers.

“By the time the merch is ready to go, by the time the design is even approved by a shop, it’s not even worth the effort because it’s old,” he says. “You’re going to look out of touch.” The few times he has produced meme-focused items, such as pillows featuring the crying Jordan face and “Hide the Pain Harold,” they have underperformed.

Because timeliness is key, most big meme accounts and websites now use third-party services like Shopify to handle the back end of their stores. This allows them to get products up quickly. Consumers can also create their own custom meme merchandise (often for cheaper) by using sites like Redbubble, Spreadshirt, or Zazzle, which allow you to upload any image and have it printed on a variety of products.

“Those sites are really good at what they do,” says Sinatra. “But even as quickly as they work, you’re still not getting your stuff for three days or five days. By then, the boat has sailed.”

“The shorter lifespan has ... been a big challenge in our company,” says Wong.

It’s also almost impossible for sellers to monetize entire swaths of memes featuring trademarked characters like SpongeBob or Kermit the Frog.

On top of everything, the nature of what constitutes a meme itself is shifting. While early memes followed standardized formats, like white block font plastered on top of a funny photo, today’s memes are more esoteric.

Edward Stockwell who has managed meme-based social-media accounts for sites like theCHIVE and Rooster Teeth says that memes today relative to a few years ago are wildly different, and that makes them more difficult to commoditize.

“A lot of memes today are much more niche and rely on specific reference points to understand, so they’re less marketable to a wider audience,” he says. “Not that long ago there were maybe a handful of memes that everyone knew: Grumpy Cat, Scumbag Steve, etc. They were characters that stuck around.” Today’s memes, he explains, are more nebulous.

by Taylor Lorenze, The Atlantic |  Read more:
Image: Shutterstock