A media franchise, also known as a multimedia franchise and often just called franchise, is a collection of related media in which several derivative works have been produced from an original creative work of fiction, such as a film, a work of literature, a television program, or a video game. Bob Iger, former CEO of The Walt Disney Company, defined the word franchise as “something that creates value across multiple businesses and across multiple territories over a long period of time.”
A media franchise often consists of cross-marketing across more than one medium. For the owners, the goal of increasing profit through diversity can extend the commercial profitability of the franchise and create strong feelings of identity and ownership in its consumers. Those large groups of dedicated consumers create the franchise’s fandom, which is the community of fans that indulge in many of its media and are committed to interacting with and keeping up with other consumers. Large franchise-based fandoms have grown to be even more popular in recent years with the rise of social media platforms, as many fans seek to interact with one another for discussion, debate and even to create their own fan-made pieces of media revolving around the franchise, on websites like tumblr, Reddit and Fandom. In the case of successful transmedia franchises, each different medium should expand the target demographic and fandom, build the interest of the consumers and add to the overarching story and narrative of the franchise itself. A connection between the characters, settings, and other elements of the media franchise do still exist within the different media, regardless of the fact that they are being presented in sometimes completely different ways,[6] such as the shared, interweaving storylines and elements of Spider-Man films, television shows, comics and video games. Espen Aarseth describes the financial logic of cost-recovery for expensive productions by identifying that a single medium launch is a lost opportunity, the timeliness of the production and release is more important than its integrity, the releases should raise brand awareness and the cross-ability of the work is critical for its success.
American Idol was a transmedia franchise from its beginnings, with the first season winner Kelly Clarkson signing with RCA Records and having the release of A Moment Like This becoming a #1 hit on Billboard Hot 100. The success resulted in a nationwide concert tour, an American Idol book that made the bestseller list and the film From Justin to Kelly. A transmedia franchise however is often referred to by the simpler term “media franchise”. The term media franchise is often used to describe the popular adaptation of a work into films, like the popular Twilight book series that was adapted into the five films of The Twilight Saga. Other neologisms exist to describe various franchise types including metaseries, which can be used to describe works such as Isaac Asimov‘s Foundation series.
Multimedia franchises usually develop through a character or fictional world becoming popular in one medium, and then expanding to others through licensing agreements, with respect to intellectual property in the franchise’s characters and settings. As one author explains, “For the studios, a home-run is a film from which a multimedia ‘franchise’ can be generated; the colossally expensive creation of cross-media conglomerates predicated on synergistic rewards provides an obvious imperative to develop such products.” The trend later developed wherein franchises would be launched in multiple forms of media simultaneously; for instance, the film The Matrix Reloaded and the video game Enter the Matrix were produced at the same time, using the same actors on the same sets, and released on the same day.
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