The fandom economy: When storytelling creates value

A television series set in the 1980s brings old hits back to today’s fans, along with T-shirts and ice cream. A South Korean group fills stadiums from Asia to the United States while selling albums, cosmetics, virtual characters, and travel experiences. A luxury pen dedicated to Spider-Man becomes a collector’s item. These are all different expressions of the same phenomenon: content capable of eliciting a sense of belonging and obsession that can drive attention and economic value far beyond its original context.

This is the fandom economy. The term may sound new, but fan clubs, communities of interest, and cult brands have existed for a long time. What is new today is the global scale, made possible by digital platforms, and the proactive fans. They buy a product to become part of a world and then they comment online, edit videos, invent languages, organize events, interact with brands, and keep a symbolic and narrative universe alive for years.

Fans do not simply consume content, they reinterpret and circulate it, producing part of the value that brands subsequently monetize. The trend extends across every industry because people’s passions are many and varied, and pop culture is everywhere—from films, television series, music, sports, video games, fashion, celebrities, to memes and characters that have become part of the collective imagination. Pop culture creates shared meanings, and the fandom economy turns them into participation and economic value.

In the realm of fandom we also find superfans, who interact across multiple channels, from content and live events to merchandise. What matters is the continuity of the relationship: An active and loyal niche can be more valuable to brands than a large but distracted audience. The “kidult” craze, for example—adults purchasing objects associated with childhood—shows how nostalgia and collecting can extend the life of a product and make it intergenerational.

Thanks to cultural icons such as Star Wars and Disney IP, the US helped turn fandom into an industry and developed mass merchandising. East Asian cultural industries subsequently expanded this model by integrating it with digital platforms and new forms of monetization: South Korea through K-pop, Japan through anime and the idol culture, and China through platforms such as Weibo, WeChat, and Douyin.

“EnterTech,” a model based on the convergence of entertainment and technology, has become a driving force behind this evolution. South Korean groups such as BTS and BLACKPINK export not only music but entire universes and ecosystems. Weverse, HYBE’s platform, brings together communication with artists, membership, content, online concerts, and shopping. In this way, music becomes a gateway to fashion, beauty, food, tourism, and technology. Photocards and albums released in multiple versions encourage the rituals of trading and collecting.

In China, Gen Z and Gen Alpha spend sizeable amounts of money collecting badges, keychains, and plush toys associated with their favorite anime or video-game franchises, such as Genshin Impact. These objects become identity symbols and social currency. The ability of Chinese fandoms to coordinate purchases has also revealed the model’s darker side: Supporting one’s idols has sometimes turned into spending competitions, organized campaigns, and online conflicts between rival groups, ultimately prompting government intervention.

Four pillars help explain how the fandom economy works.

• The first is a recognizable narrative universe, composed of symbols and stories capable of forging emotional and identity-based connections.
• The second is the digital and physical spaces where people can meet.
• The third consists of objects and experiences that bring this world from the screen or stage into everyday life through brand licensing.
• Finally, listening is essential. Community behavior is a signal that tells a brand what has potential and should be developed and what would instead be perceived as forced.

A fan is not merely a consumer willing to pay more, but a participant in the value-creation system. As such, they deserve benefits, attention, and surprises.

Netflix offers some emblematic examples. For a decade, Stranger Things has transformed friendship and nostalgia for the 1980s into collaborations, products, and live experiences. Bridgerton has taken Regency style beyond the screen and brought it into popular culture through fashion, jewelry, and events. The film KPop Demon Hunters turned its fandom into a global cultural phenomenon. This is the Netflix Effect: A story becomes a cultural conversation capable of opening up new markets.

This is precisely where licensing a leading property, or hero IP, reveals its potential. In fact, it connects fans with licensing partners, extending the experience and participation beyond the simple applying a logo to a product. For licensors and licensees, participating in the fandom economy means defining the symbolic space that the IP aims to occupy within its community, understanding that community’s codes, offering creative content, and accepting that fans will have a say in how the narrative progresses.

These projects require an integrated strategy encompassing branding, merchandising, product development, retail, licensing, and events. Every element must nurture the relationship and support its evolution over time.

The fandom economy generates substantial commercial value in music, sports, fashion, and retail. Many brands consider fan-community engagement a priority but recognize this potential does not always translate into a coherent strategy. The goal should not be to extract an immediate return from this passion, but to shore up its value and continuity for those who experience it, rewarding superfans with exceptional experiences.

These themes are explored in Stefania Saviolo’s book, The Power of Connection: The New Brand Strategy for Fashion, Beauty and Lifestyle Brands, published by Bocconi University Press in 2025, and in the Management of Creative Processes course within SDA Bocconi’s Master in Fashion, Experience and Design Management (MAFED).