I remember vividly going to the video rental store in my hometown when I was younger. It was called Videoland. I used to love scrolling through the latest titles, taking home a VHS-tape and watch it as many times as I could before I had to hand it back in. When I got older I started visiting Videoland less and less often, and a lot of others did so as well. The video rental business collapsed, for obvious reasons, leading to the bankruptcy of the franchise in 2010.
When assessing market succes of cultural products, Lampel ea. (2000) point out that producers focus on subjective experiences of consumers. In particular, producers know that their cultural products have a higher chance of commercial succes when they combine familiar and novel elements. Lampel puts this principle very eloquently: ‘Consumers need familiarity to understand what they are offered, but they need novelty to enjoy it (p. 264).’
I think the managers involved in the revival of Videoland did a really great job at applying this principle in recent years. Videoland for me is the perfect example of a brand ever so familiar, even though it is constantly reinventing itself as a new product.
By Victor Berndsen
Lampel, Joseph, Lant, Theresa, Shamsie, Jamal.
Balancing act: learning from organizing practices in
cultural industries. Organization Science 11.3 (2000):