How do stars figure out their fees? One way is through a simple opportunity-cost calculation
Mr Hart is one of over 10,000 celebrities on Cameo, an online service where anyone can commission famous people to film short messages. Its popularity has surged as celebrities seek new sources of income and confined consumers look for ways to spend money. Last year they paid some $100m for 1.3m videos, more than in the previous three years combined. Talent on the site ranges from Jack Nicklaus, a golfer , and Vicente Fox, a former president of Mexico , to Barkley the Dog, a dog .
How do celebrities figure out their fees? One way is through a simple opportunity-cost calculation. Steven Galanis, Cameo’s boss, recalls speaking to a basketball player on an annual $25m contract. For a 40-hour work-week with a fortnight of holiday, that is $208 per minute. “If he charged $100 and did two or three a minute, he could make more money on Cameo,” says Mr Galanis.
Another method is to test the market. This is surprisingly underused. Though celebrities can change their prices as often as they like, only about 30% have done so at least once, and less than 10% have done so more than five times.
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