According to Andrew Goodwin's music video theory, there are five key components of an effective music video: 1) connecting the visuals to the feelings and story conveyed by the music, 2) relating the visuals directly to the song's lyrics or genre, 3) using a narrative and the artist's performance to engage viewers, 4) employing technical elements like editing, lighting and effects to polish the finished product, and 5) establishing the artist's star image through elements like costume, choreography and appearance.