The event doesn't just raise fundings for the museum as it's first purpose, but significantly generates money for the brands and celebrities involved through an incredible media footprint. Collaborations between designers, brands, and celebrities flourish during the Met Gala. These collaborations frequently lead to advantageous publicity, creating excitement for both the performer and the brand, as well as building prestige and image for all celebrities that attended the event. Back in the last year Met Gala themed "Karl Lagerfeld: A Line of Beauty", one of the Gala's co-chairs, Dua Lipa, received the highest MIV of $1.4 million for wearing a Chanel gown from the autumn 1992 couture line (Stacy Jones, 2024). Her selection of an antique Chanel gown attracted a lot of media attention. Not just Chanel, another Lagerfeld-affiliated house, Fendi also garnered $32.3 million in MIV and a number of celebrities, including Silvia Venturini Fendi and the brand's co-creative director, Kim Jones wore Fendi pieces. Other brands like Gucci, Schiaparelli, and Tiffany & Co. experienced the same effect with the total of $995M in MIV for the 2023 Met Gala.
Those relevance effects can be seen through the lens of market signaling, a theory that Michael Spence put out. The concept is that of one person (signaler) genuinely communicating with another party (receiver) regarding certain information about themselves. Which by their attendance at the Met Gala and the displayed clothing, corporations and celebrities convey their economic and social opportunities.
In addition to utilising the fashion sector, the Met Gala promotes tourism and museum visits, two activities that are vital to NYC's economy and take place not only in early May but also in the months that follow. A City Hall spokeswoman stated that the city saw 62 million tourists in 2023 and anticipates more this year (WWD, 2024).
Ahead of the Gala, Is It Still Relevant?
The Met Gala has been a captivating exhibition in the public's eye from each era. Although since the start the creators have shaped it into a sole and distinguished affair---representing capitalist behaviour that views cultural assets as treasures and only the wealthy individuals with status can come. Of course, we can't deny that the Met Gala excels because it's a once-in-a-lifetime opportunity for building star and brand personas. It serves as a showcase for the dual themes of attainable glamour and illusory accessibility that characterise contemporary stardom. Up till this day, this event became a potential place for market creation and everyone believes that this is also a tribute to art and creativity.
Well as the fashion top soiree, Met Gala organizers should consider the more diverse and inclusive guest list. Thus, in an era of overexposure, the Gala manages to be both extremely apparent and a mystery at the same time. Only at this occasion, celebrities are allowed to communicate with their audience without using words and then disappear into the night once more, leaving no trace and no means to be reached. Then indeed, the Met Gala is still essential.
Diulas oleh: Anggia Putri T. | Ilmu Ekonomi 2023 | Staf Divisi Kajian Kanopi FEB UI 2024/2025
References
Andrikopoulos, P., Gregoriou, G. N., & Kallinterakis, V. (2016, August 5). Handbook of Frontier Markets. Academic Press.
Charoenrook, A., & Thakor, A.V. (1998). A THEORY OF CONSPICUOUS CONSUMPTION.
D. (2023, June 11). Beyond Fashion: Exploring the Met Gala Evolution - Dmtrend - Medium. Medium. https://medium.com/@dmtrend0/beyond-fashion-exploring-the-met-gala-evolution-eab8b25c33e5
