With Coke Studio, Coca-Cola is finding new ways to reach (and expand) its global audience – releasing original songs by some of music's biggest stars.
Coke Studio’s 2024 artists are Karol G, Gou and NewJeans, with two more to be announced.In 1971, a few hundred young people
This new phase of Coke Studio arrives at a moment when Coca-Cola is eager to expand its dominance of the carbonated soft-drink industry, a realm in which it has had “over 50% market share on a global basis for a very long time,” says Filippo Falorni, director and equity research analyst at Citi, where he tracks the beverage sector. The company reported $45.8 billion in net revenue for 2023 and a 3% net revenue growth in first-quarter 2024. Year to date , its stock price has risen from $59.
While it’s difficult to quantify the direct impact of Coca-Cola’s music-related marketing on sales , Falorni says music-driven projects like Coke Studio “make the brand very relevant to consumers” — particularly young ones whom, he notes, soda brands in general are having a harder time reaching, given that the demographic is more health-conscious than previous generations.
As the music industry at large now contemplates how to unlock the market power of superfans and fan armies, Coke Studio’s latest iteration is focused on exactly that — “especially given that Gen Z acts are more global and connected than previous generations,” ElDessouky says. ElDessouky says the biggest incentive Coke Studio can offer artists is, well, Coca-Cola: “The brand itself has this magic and charm.” Plus, Coke Studio delivers artists and their work to audiences in 150 countries, including places where the act may not yet have a strong presence.
But while any company can “write a check and get an artist to do something,” Burke says, Coke Studio has more closely resembled a record label. The music is released through UMG, where Burke previously was vp of marketing and enterprise partnerships at the label’s London office.
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