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April 18, 2019updated 01 May 2019 12:04pm

Sponsorship from banks: Music to our ears

By Briony Richter

Sponsorship from banks is a sought after investment at music festivals but it is just as important for the financial sector in boosting their brand.

Music festivals have been around for decades and continue to be extremely popular across all demographics. Over the past several years, the financial sector has realised just how important music is to their customers, especially the younger generations which are often target audiences.

In an attempt to forge stronger relationships with customers and displays their brand, music festival sponsorship from banks has sky-rocketed.

The amount of money being spent on sponsorship in the live music space has grown rapidly. Clearly there’s a lot to be gained for brands looking to markets that gather tens of thousands of visitors at each festival.

American Express taps into Coachella

Sponsorship from banks and financial organisations has a lot of benefits for the music industry and the financial sector.

Music festivals have become a booming social trend. It now goes way beyond music fans lining up to see as many bands as possible. A whole range of social groups attend from fashion bloggers, tech enthusiasts and lifestyle writers. Therefore financial organisations have the opportunity to grab the attention of a diverse audience.

American Express is tapping back into Coachella, in its fifth consecutive year at the music festival. Amex will be offering its card members with numerous experiences and unique access to certain areas.

It’s no surprise that organisations all over the world want to soak up some of the  atmosphere at Coachella. Celebrities such as Cardi B and Offset have graced this year’s festival.

American Express Coachella Festival Benefits

As consumers tastes and preferences continue to change, American Express’s festival experiences also evolve.

American Express Card Members can access a wide range of benefits when they enroll their Amex through Coachella app.

  • The card member Lounge: The lounge will provide exclusive services, sneaker cleaning, charging stations, a bar and more.
  • Other benefits redeemable with the tap of the Coachella wristband include a complimentary Ferris wheel ride.
  • Furthermore, access to complimentary monogram embroidery on any one item in the Coachella Boutique or VIP area.

In addition to this, eligible card members will receive a one-time $20 statement credit when they spend $100 or more using their enrolled, eligible Amex Card at participating merchants over the weekend on the festival grounds.

Sponsorship from banks: Barclaycard at Download

Brands will often sponsor music festivals so that they can get the attention of their target audience and also potential customers.

While advertising delivers information and can tell a story of a brand, organisations often find that sponsoring an event or festival reaches more people. Nowadays, consumers don’t pay much attention to traditional brand tactics like email marketing and billboards. Enhanced engagement is key, coupled with incentives that will draw consumers to using the services on offer.

Barclaycard is another financial organisations that has backed music festivals. It is an official partner of Download Music Festival that runs for five days at Donington Park.

With Barclaycard Entertainment customers can get 5% off food and drink if its bought on site.

In 2018, Barclaycard launched a new set of benefits for its customers, including 5% discounts on tickets for thousands of live events each year. Furthermore customers could grab 10% off pre-sale tickets for 10 major festivals in 2019.

This was all part of the Barclaycard Entertainment scheme which as seen the company partner with some of the biggest events and promoters around the UK.

Citi and Lollapalooza

Citigroup is a major sponsor of the music festival Lollapalooza.

The bank offers unique card perks to its members including discounts off registration and for wristbands.

Entertainment drives loyalty and also encourages customers to speak positively about brands.

While its entertainment perks are mostly reserved for cardmembers, Citi’s strategies are designed to attract consumers that are not card members

At festivals the brand leverages its three-story Citi SkyDeck at Lollapalooza, Coachella, Sasquatch, Voodoo Fest, Farm Bureau Live and South by Southwest.

The group strategically positions the deck close to the stages and features bars and large live screening to encourage festival-goers to come.

Sponsorship from banks encourages awareness of products and services that are available. It’s most certainly a lucrative strategy and one that will continue to grow in popularity for brand awareness.

 

 

 

 

 

 

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