Need to Know
08 : 09 : 21

By Abi Buller and Savannah Scott

Vipp Pencil Factory caters for music fans and foodies, Kanye West’s audio customisation tool and why some US consumers are reticent about EVs.

In today's news:

Vipp’s multi-purpose venue hosts music and meals

Kanye West’s music gadget lets you customise his songs

Gabon receives UN payment to reduce carbon emissions

Stat: Consumer demand for EVs falls short of US targets

Vipp’s multi-purpose venue hosts music and meals

Pencil Factory by Vipp, Copenhagen

Copenhagen – Design company Vipp is opening a supper club concept space to simultaneously showcase its furniture and create an alternative hospitality experience. Catering for demand for experiential spaces, the Vipp Pencil Factory – which takes its name from its previous use as a pencil factory – will host a rotating roster of chefs to create intimate dinners. A large banquet venue in the centre of the venue can welcome up to 26 guests, who will also enjoy musical entertainment chosen to complement each meal.

The multiple use cases of this space allow Vipp to engage with its audience in a variety of ways. By doing so, the brand sets an example for future hybrid spaces that can be shaped to suit particular communities. ‘It’s not a restaurant,’ says Kasper Egelund, CEO of Vipp. ‘…but we do invite spectacular chefs to cook intimate dinners. Nor is it a nightclub, but we do invite talented musicians to play a tune. Nor is it a showroom, but we have invited renowned designers and artists to sharpen up the venue…’

In a similar vein, we’ve previously explored how businesses adopted more flexible mindsets as a way of navigating an unpredictable market. For more, discover Flux Capital within Elastic Brands.

Strategic opportunity

Multiple sectors can take inspiration from Vipp as a way of maximising the benefits of having a physical space. When planning future venues, avoid one-note approaches in favour of adaptable elements

Kanye West’s music gadget lets you customise his songs

Donda Stem Player, US

US and UK – With a growing number of consumers expressing interest in creative ventures, the musician has unveiled a gadget that allows people to customise any song. The Donda Stem Player, developed by electronics company Kano, includes four touch-sensitive light bars that allow users to control the device and alter the output of sounds. Though it, users can adjust elements like vocals, drums and bass levels, as well as isolating elements and adding effects.

By allowing people to have an open-source control of songs in this way, the gadget taps into a growing interest in decentralised music communities – a mindset that is especially prevalent among Generation Z. Such a tool also dismantles associations with celebrity culture by expanding the realm of music creations to a broader audience.

Considering the wider implications, Kanye West’s decision to reach people in this way also reflects ongoing innovation relating to digital fandom.

Strategic opportunity

Artists and streaming services should take cues from this product and find ways to empower audiences through creative initiatives. Beyond entertainment, there is also opportunity to offer music-related education through such tools

Gabon receives UN payment to reduce carbon emissions

Gabon – The central African country is becoming the first in the continent to be paid for reducing its carbon emissions to protect its rainforest.

Marking a promising step in Africa’s sustainable development, the £12.5m ($17m, €14.7m) remuneration comes through the Central African Forest Initiative (CAFI) – an initiative launched by the UN as a way of accelerating environmental progress in the region.

Through this financial support, the UN recognises the role it needs to play in aiding countries with fewer resources to reduce environmental damage. ‘Carbon trading deals are already being done in Africa, with some success,’ says the Economic Commission for Africa (ECA). ‘The lack of global monitoring, the relatively low cost of carbon and limited capacity in African financial markets, however, have remained barriers to this becoming a meaningful financing opportunity for Africa.’

To discover more environmental initiatives across global markets, delve into our Climate Crisis series.

Gabon by the Central African Forest Initiative

Strategic opportunity

Brands and organisations across sectors have a responsibility to encourage wealthier nations to provide financial aid and education to less developed regions. Such initiatives must also be country-specific to reflect different climate challenges

Stat: Consumer demand for EVs falls short of US targets

Mini Vision Urbanaut

While America’s sustainability targets include a push towards electric (EV) and hybrid vehicles, there is concern about consumer adoption rates in the coming years. According to a study by YouGov, demand for more traditional vehicles is still higher than for those with lower emissions.

The study reveals that only one in five (22%) of Americans are considering buying EVs in the future, compared to 41% who are considering petrol-powered vehicles. In terms of barriers to adoption, about one in six Americans cite the initial high cost of EVs as a deterrent (17%), followed closely by 16% who say that there are not enough charging stations at present.

With these figures in mind, car brands should seize the opportunity to answer some of these concerns to encourage more people to buy EVs. To discover some of the ways that car manufacturers are connecting with audiences, discover Augmenting Automotive Retail.

Strategic opportunity

Both car retailers and sustainability organisations can focus their efforts on reducing consumer barriers to adoption for EVs. Offering greater education on long-term benefits should persuade more consumers to make the switch