Paris Fashion Week (PFW) solidified its dominance once again, generating a whopping $425.5 million in Media Impact Value (MIV), revals Launchmetrics, a data analysis firm. MIV is a metric that assigns a monetary value to media coverage, essentially gauging the buzz and hype surrounding an event. While direct comparisons to previous seasons are unavailable due to methodology changes, PFW dwarfs Milan ($273.4 million), New York ($181.5 million), and London ($78.1 million).
Social media’s impact
This season highlights the growing influence of social media. Social networks captured a staggering 76 per cent of MIV, showcasing the power of online conversations. Instagram takes the lead with 49 per cent share, but traditional online media (websites, news articles) surprisingly holds a strong second at 21 per cent. Interestingly, while TikTok boasts of a smaller share (21 per cent) compared to Instagram, it delivers the highest average value per placement, indicating impactful content.
The breakdown of "voices" contributing to MIV reveals a shift. Traditional media still holds top spot at 67 per cent but influencers (13 per cent ) and celebrities (sought after for their social media reach) are gaining ground.
Global fashion week standings
• Paris: $425.5 million
• Milan: $273.4 million
• New York: $181.5 million
• London: $78.1 million
Can MIV be the sole popularity meter?
The report raises a critical question: can MIV be the sole measure of a fashion week's significance? While MIV offers valuable insights into audience reach and online buzz, it doesn't necessarily reflect the artistic merit or long-term impact of collections. PFW might reign supreme in MIV, but other weeks might foster innovation or cater to specific aesthetics.
It's important to critically analyze MIV’s limitations as a measure of true popularity or significance. Here's why:
• Focus on buzz, not substance: MIV prioritizes quantity over quality. A viral but fleeting social media trend can inflate MIV without reflecting lasting impact or industry influence.
• Pay-to-play potential: Social media influencers can be swayed by brand sponsorships, potentially inflating MIV without reflecting genuine audience interest.
• The power of legacy: MIV might not fully capture the historical and cultural significance of established fashion weeks like Paris.
The bottomline is indeed MIV provides a valuable new data point for understanding fashion week impact. However, a holistic view requires considering factors beyond just social media buzz. Legacy, cultural influence, and the quality of design collections all contribute to a fashion week's true significance.
