Limited Time Offer
Premium members can get their quote collection automatically imported into their Quotewise collections.
A large brand will typically spend between 10 and 20 percent of their media buy on creative,” DeJulio explains. “So if they have a $500 million media… - Peter Diamandis
" "A large brand will typically spend between 10 and 20 percent of their media buy on creative,” DeJulio explains. “So if they have a $500 million media budget, there’s somewhere between $50 to $100 million going toward creating content. For that money they’ll get seven to ten pieces of content, but not right away. If you’re going to spend $1 million on one piece of content, it’s going to take a long time — six months, nine months, a year — to fully develop. With this budget and timeline, brands have no margin to take chances creatively.” By contrast, the Tongal process: If a brand wants to crowdsource a commercial, the first step is to put up a purse — anywhere from $50,000 to $200,000. Then, Tongal breaks the project into three phases: ideation, production, and distribution, allowing creatives with different specialties (writing, directing, animating, acting, social media promotion, and so on) to focus on what they do best. In the first competition — the ideation phase — a client creates a brief describing its objective. Tongal members read the brief and submit their best ideas in 500 characters (about three tweets). Customers then pick a small number of ideas they like and pay a small portion of the purse to these winners. Next up is production, where directors select one of the winning concepts and submit their take. Another round of winners are selected and these folks are given the time and money to crank out their vision. But this phase is not just limited to these few winning directors. Tongal also allows anyone to submit a wild card video. Finally, sponsors select their favorite video (or videos), the winning directors get paid, and the winning videos get released to the world. Compared to the seven to ten pieces of content the traditional process produces, Tongal competitions generate an average of 422 concepts in the idea phase, followed by an average of 20 to 100 finished video pieces in the video production phase. That is a huge return for the invested dol
English
Collect this quote
About Peter Diamandis
Peter H. Diamandis (born May 20, 1961) is an American engineer, physician, and entrepreneur. He is best known as the founder and chairman of the XPRIZE Foundation, and the cofounder and executive chairman of Singularity University. He is also cofounder and former CEO of the Zero Gravity Corporation, cofounder and vice chairman of Space Adventures Ltd., founder and chairman of the Rocket Racing League, cofounder of the International Space University, cofounder of Planetary Resources, cofounder of Celularity, founder of Students for the Exploration and Development of Space, and vice chairman and cofounder of Human Longevity, Inc.
Biography information from Wikipedia
Also Known As
Native Name:
Peter H. Diamandis
Alternative Names:
Dr. Peter Diamandis
•
Dr. Peter H. Diamandis
Related quotes. More quotes will automatically load as you scroll down, or you can use the load more buttons.
Additional quotes by Peter Diamandis
Currently a billion people lack access to safe drinking water, and 2.6 billion lack access to basic sanitation. As a result, half of the world's hospitalizations are due to people drinking water contaminated with infectious agents, toxic chemicals and radiological hazards. According to the World Health Organization (WHO), just one of those infectious agents — the bacteria that cause diarrhea — accounts for 4.1 percent of the global disease burden, killing 1.8 million children a year. Right now more folks have access to a cell phone than a toilet. In fact, the ancient Romans had better water quality than half the people alive today. So what happens if we solve this one problem? According to calculations done by Peter Gleick at the Pacific Institute, an estimated 135 million people will die before 2020 because they lack safe drinking water and proper sanitation. First and foremost, access to clean water means saving these lives. But it also means sub-Saharan Africa no longer loses the 5 percent of its gross domestic product (GDP) that's currently wasted on the health spending, productivity losses and labor diversions all associated with dirty water. Furthermore, because dehydration also lowers one's ability to absorb nutrients, providing clean water helps those suffering from hunger and malnutrition. As a bonus, an entire litany of diseases and disease vectors gets wiped off the planet, as do a number of environmental concerns (fewer trees will be chopped down to boil water; fewer fossil fuels will be burned to purify water).
Loading...