The Art World the Millennial Way

Much as the wine industry is currently transitioning from catering to highbrow Boomers to understanding Millennial-tailored (less exclusive) tastes, the art world is in a stage of reinvention. Once considered elusive and elite, fine art is opening up to the masses in order to attract younger consumers: twenty to thirty-somethings with limited budgets but the penchant to splurge on (certain) luxury items during their own transition into financially independent adulthood. Internet-savvy Millennials have the means to search across platforms for art that fits their design sense, but new start-ups want the art buying experience to be about more than just a transaction. Developing the idea that art can be an immersive experience, these start-ups aim to educate, excite, and build communities around modern art worlds, connecting enthusiasts with experts to expand knowledge at both ends and create a melting pot of interaction. The worlds of mixed media, canvases, historical artifacts, abstract paintings and sculpture are being intertwined in new ways in one marketplace, brought together by the eclectic tastes and desires of Millennials. The following five start-up efforts are moving the art world into the future by creating platforms that expose art to masses, and embracing the next generation of art collectors:

1. Artsy
Making Luxury Accessible
The Twitter tagline for Artsy reads: “Making the art world accessible to anyone with an internet connection.” Created in a Princeton dorm room and launched as a start-up in 2010, Artsy aims to do for fine art what Moda Operandi and Gilt have done for high fashion, pulling back the art world’s curtain of exclusivity for the masses. The company’s Millennial mindset has it merging the art world and the digital space using its unique Art Genome…

 
 

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The Newsfeed

Quote of the Day: “[Animal Crossing Pocket Camp is] free to play, but it's loaded with a lot of content. It's super cute and relaxing.”—Female, 32, IL

PepsiCo needs to think small to compete with indie brands. Their new unit, The Hive, will be “a small entrepreneurial sort of agile group” to foster smaller brands and create new brands based on emerging trends. Unsurprisingly, The Hive is a response to consumers (ahem, Millennials) who are “demanding” healthier products and championing smaller labels. We continue to see big brands adopt startups, and startup thinking, as they navigate today’s competitive landscape. (Fortune)

Millennials and Gen Z are going to “extreme lengths” to share streaming passwords—and major platforms are losing millions. Magid research indicates that 35% of 21-35-year-olds and 42% of those younger than 21 share streaming service passwords, compared to 19% of Gen Xers and 13% of Boomers. One particularly amusing anecdote: the 20-something who uses the HBO Go login of a one-night stand from 2013. Though Netflix and HBO have both said that password sharing isn’t a problem, there’s no denying they are losing out on revenue—Hulu stakeholders estimated a loss of $1.5 billion yearly. (CNBC)

Wikipedia-branded streetwear has sold out. The site teamed up with LA streetwear brand Advisory Board Crystals for a “surprising” collaboration, and the resulting long sleeved tee emblazoned with “Internet Master” and Wikipedia’s puzzle logo was a success. All proceeds from sales were pledged to the Wikipedia Foundation, and the store is planning to restock “to make as large of a contribution as possible.” According to Ypulse Brandoms research, 60% of 13-35-year-olds say logos are back in style. (MashableThe Verge)

Fitbit’s new tracker is about more than just fitness. Though their smartwatch business is growing significantly faster than trackers, the brand “hasn’t given up” on their roots—and their newest model offers a range of features for wellness-focused users. While it, of course, tracks exercise and calorie burning, it also has built-in meditation, sleep tracking, and female health tracking. Since 96% of 18-34-year-olds tell Ypulse that taking care of their mental health is just as important as taking care of physical health, thinking beyond workouts could be a wise move. (Business Insider)

Amazon wants to steal away YouTube creators to bolster their own platform, Twitch. They’re reportedly offering multi-million dollar deals to influencers ranging from Gigi Gorgeous to Will Smith, hoping their large followings will follow them off of YouTube. So far, Twitch has 15 million daily users compared to YouTube’s 1.9 billion but Twitch’s SVP promises “a steady drumbeat of lots of new content.” They’re also reportedly looking to double their ad revenue in the next year, and their foothold on video games like Fortnite is sure to help. (Bloomberg)

Quote of the Day: "I love travel and finding the best deals on airfare. Hopper really helps me do that, in a simple format.”—Female, 22, FL

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