Bolstering Credit Card Perks with Concert Incentives
With concert demand continuing to surge, brands can unlock additional value for their premium cards with elevated concert incentives in the year ahead.
Bolstered by the likes of Taylor Swift and Beyoncé, 2023 was a record-shattering year for live shows as notable tours became cultural touchstones. Consumers continued to flock to live events as more than 55 million fans ventured to Live Nation venues, with a majority of consumers showing up to sing along with their favorite artists. The post-pandemic boom shows absolutely no signs of slowing down as consumers are continuing to seek out in-person experiences and more headlining artists plan to hit the stage in 2024.
While some issuers leaned into their concert ties in 2023, the year ahead poses a timely opportunity for premium credit card issuers to elevate and promote their exclusive access to concert tickets, artists, and on-site activations because according to Mintel, 70% of young adults are interested in receiving exclusive access to events and experiences from their financial services provider.
Starting in Q4’22, Capital One quickly dominated the conversation when its historic partnership with Taylor Swift became a pop-culture goldmine—which it actively leveraged throughout its marketing efforts for its Venture X card in 2023.
With ties to arguably the hottest tour of the year, Capital One went big to ensure its brand was synonymous with exclusive access to all of Taylor Swift’s Eras—focusing the bulk of its efforts on national TV to garner the biggest reach.
The issuer sliced and diced its TV spot to fuel additional creatives for its social efforts, all while seemingly keeping it fresh and relevant by leaning into its depiction of Taylor Swift’s different eras.
As concert demand shows no signs of slowing down, issuers looking to leverage concerts as a premium perk must step their game up in 2024.
With the majority of major issuers leveraging some type of presale ticket access, the once-exclusive perk has lost some of its differentiating luster—especially now that presale codes don’t always equate to tickets in hand. Issuers that hope to stand out in 2024 will have to lean into the entirety of the concert experience, noting the live action is just the starting point. Fans are willing to travel and stay overnight, turning concerts into trips and opening the door for a multitude of perk activations.
For example, once a cardholder has secured tickets, the issuer can run limited-time bonuses or amplify the value of points on certain flights or hotels near the concert destination. Issuers could also promote exclusive access to reservations before the show to elevate the cardholders’ suite of perks.
As consumers seek more value from the cards in their wallets, brands should capitalize on the resurgence of live entertainment to amplify experiential benefits.
Interested in reading the full report and learning more from our experts on how your competitors are capitalizing on the concert boom? Contact us today.
