Posted on: Wednesday, August 29, 2001
Michael Jackson, Nasdaq seeking comeback
USA Today
Two fallen icons — a fading pop star and a stock market that crashed and burned in the tech meltdown — are teaming to spiff up their battered images.
The "King of Pop," Michael Jackson, will preside over the opening of the Nasdaq stock market tomorrow. Fans will be able to glimpse the superstar through the broadcast studio's street-level windows. TV stations are sure to zap the images to viewers worldwide. The Nasdaq is serving as a "launch pad" for Jackson's comeback shows next month at Madison Square Garden in New York celebrating his 30 years as a solo artist. It's Jackson's first live concert appearance in the United States in 11 years.
Nasdaq officials hope Jackson's star power generates a mountain of positive publicity.
"Michael is a big part of the American pop culture and represents innovation and creativity," just as companies that list on the Nasdaq do, says Judy Inosanto, a Nasdaq spokesperson.
The strategy isn't new. Inviting celebrities, CEOs and foreign dignitaries to ring the opening bell to boost an exchange's visibility has been a staple of the New York Stock Exchange's publicity machine for years.
"It's a world stage, and any time you can bring in anyone with world fame, you attract attention," says Richard Simonelli, senior VP at Manning Selvage & Lee, a public relations firm. The bigger the name, the bigger the buzz. Monday, tennis phenomenon Jennifer Capriati kicked off the trading day at the Nasdaq.
Still, using a celebrity to generate awareness isn't risk-free. Image consultants were buzzing yesterday about the rather unlikely alliance between the two fallen stars. Jackson's career, which skyrocketed in the early 1980s with the release of the album "Thriller," nose-dived a decade later amid allegations of child molestation. The charges were never proved. The Nasdaq's decade of fame ended abruptly in March 2000 when the tech-stock bubble burst.
The big risk is if people question Jackson's credibility.
"Jackson is beyond any image resuscitation," says Jonathan Holiff, president of The Hollywood-Madison Group, which specializes in celebrity endorsements.
But the tactic, described as a publicity stunt by some image consultants, will probably do little to revive the thrill of investing in tech.
"Is being a celebrity sufficient grounds to help any enterprise, whether they're in trouble or not? The answer is no," says branding expert Clive Chajet of Chajet Consultancy.
The big downside: There's no obvious connection between the Nasdaq and the entertainer. But some say landing Jackson is a coup for the Nasdaq.
"The positives probably outweigh the negatives," says Los Angeles-based public relations expert Agnes Huff.
