Licensing Ltd’s Paul Bufton on fandom, storytelling and AI opportunities
Paul Bufton – Founder and Managing Partner of Licensing Ltd – on the licensing industry’s evolving relationship with fans.
Paul, thanks for making time! In exciting news, you’ve just launched your new business, Licensing Ltd. Can you talk us through its aims and objectives?
For those of us who have been lucky enough to work in the consumer products industry over the last couple of decades, we’ve witnessed a real shift in how IPs connect with their audiences.
Historically consumer products were viewed opportunistically as a part of the downstream revenue mix, but more recently that has pivoted to consumer products representing a meaningful component of the franchise ‘layer cake’. As a part of that evolution, a deeper appreciation for giving consumers a product offering they want has now transitioned to understanding what being a ‘fan’ really means – and how we service the different fanbases, from micro communities to huge global movements.
I feel passionately that the productisation or commercialisation of IP can deliver against those fan expectations with the right insights, instincts, expertise and relationships – and those are the founding principles of Licensed Ltd.
Fantastic. You’ve worked in licensing for a number of years, with some of the industry’s biggest brands. How do you think the licensing model has changed during your career?
The business has become so much more scientific in its approach to getting the right product offering to fans. We have a far deeper appreciation for demand creation through content distribution, product development that remains true to the core DNA of an IP, and transparent, longer-term retail plans that help buyers make good decisions.
You have worked on brands that have well established and engaged fan bases like Harry Potter and Star Wars. What have you learnt about fandom from those experiences ?
The most enduring and robust franchises operate on multiple levels and when it comes to demand creation, they engage with fans by seamlessly handing them over the storytelling baton from one aspect to another. Some great examples are Harry Potter and Star Wars who have distinct but interwoven stories through movies, TV, live experiences and video games. In a nutshell though, it’s the eternal power of storytelling that transcends everything!
Continue reading article here
