Banks increase advertising spend on concerts
Financial entities are increasingly using live music in a bid to attract younger customers, according to recent studies
News By James Hanley | 4 October 2023
Banks across the globe have been increasing their advertising spend on live music to target younger customers, according to new studies.
Around 39% of the industry’s total sponsorship portfolio is now dedicated to music-related events, compared to 25% in 2021, according to a report from data provider SponsorUnited.
American Banker reports that bank sponsorships of music festivals surged by 165% over the past two years, with sponsorship of concert venues rising by 94% in the same period.
Data compiled by the Commission for the Financial Market (CMF) in Chile, meanwhile, shows double-digit growth in the marketing budgets from major financial groups. Overall, advertising expenses grew by 17.5% across the sector over the past year, driven by music, sport and entertainment.
Scotiabank, which inked an exclusive deal with Chilean promoter DG…
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