As Financial Services brands struggle to woo millennials on digital platforms, they may want to consider Spotify. Given its recent milestone of 140 million monthly active users, the music streaming service offers an ideal platform for brands to reach the incoming generation of digital natives.
Millennials dominate Spotify, accounting for over 72% of weekly streams on the platform. Goldman Sachs has already taken advantage of this captive audience to extend its recruitment strategy: a link in the brand’s sidebar ad on Spotify leads to an interactive quiz that suggests relevant jobs based on the user’s interests. At the end of the quiz, the user receives more detailed information, such as the percentage of current Goldman Sachs employees who graduated with the user’s major. The final page links to an online job application.
Companies could utilize Spotify’s Sponsored Playlist feature, which launched last year, to similarly reach and engage millennials. Through specialized playlists that have already garnered millions of followers, brands could target their desired audience, from college students to fans of ’90s hits, and calibrate advertising accordingly.