Credit Karma Money Teams Up with Vevo to Reach Gen Z This Summer
Credit Karma Money™, a single destination within Credit Karma for spending and saving1, has partnered with Vevo, the world's leading music video network, to sponsor music videos by artists with a strong Gen Z fan base. As part of the custom advertising deal, Credit Karma Money will receive top billing for highly anticipated, upcoming Vevo Official Live Performances (a Vevo-produced original series) featuring some of the biggest artists today.
Credit Karma launched Credit Karma Money to help everyday consumers organize finances, create better financial habits and get access to money faster. Credit Karma has more than 1 in 2 U.S. millennials on the platform, and the company recognizes the importance of now helping Gen Z make financial progress with Credit Karma Money. This partnership will enable the company to reach a younger generation of music fans right where they are: watching the latest from the hottest artists of the summer on Vevo.
"Credit Karma Money seeks to change Americans' relationship with money. For some, a checking or savings account may be their first financial product, so in many ways, we built Credit Karma Money with Gen Z in mind," said Poulomi Damany, general manager, Credit Karma Money and Tax. "If you think about it, entertainment and news are one and the same for most of Gen Z who tend to rely on social media and short video content for information about the world around them. Vevo, the go-to destination for millions of consumers to discover new music videos by their favorite artists, is a key part of our strategy to introduce Credit Karma Money to the next generation of consumers -- Gen Z."
Internal Vevo research (Vevo Media Tracker, fielded in Q1 2021) shows that more than half (52%) of Gen Z consumers say it is important to them to watch culturally relevant content, or content that is aligned with their personal identity, language, ethnicity, nationality, etc. 62% of Gen Z consider the music videos they watch are highly culturally relevant, more so than any other genre of content.
Additionally, Vevo found that Gen Z are more likely to be cord-nevers/cutters/shavers than the total population (48% vs. 42%). 94% of Gen Z are watching streaming video content and more than half (56%) do so for at least 2 hours per day. 79% of Gen Z are also daily YouTube (News - Alert) viewers, with 31% using YouTube almost constantly throughout the day.
"'Music videos' and 'financial services' are not often paired together, but few media networks offer the type of star-driven content that younger consumers seek out and engage with daily. Vevo, however, reaches roughly half of the U.S. population and more than two-thirds of our viewership are between the ages of 18-49 years, most of which are not watching traditional broadcast TV. Our catalog provides Credit Karma Money the right audiences and an optimal environment for upper funnel marketing that helps build brand awareness and loyalty among future savers," said Jesse Judelman, senior vice president, sales, Americas, Vevo. "We are excited to partner with Credit Karma Money to help them get in front of hard-to-reach, digitally native Gen Z consumers."
Recent U.S. Census Bureau data estimates that Gen Z, a generation which has been shaped by technology and connectivity, makes up more than 20% of the U.S. population. Gen Z incomes are projected to balloon over the next 10 years to almost $2.0 trillion in 2030, and Gen Z spending is set to increase to $1.9 trillion by 2030.
Vevo has consistently evolved over the past decade to lead within today's ever-changing media landscape, embracing partnerships with a number of leading distribution platforms to deliver extraordinary content within ad-supported environments. With more than 26B views across television, desktop and mobile devices each month, Vevo brings music videos to the world - when, where, and how fans want them.
Vevo is available on YouTube, Samsung, Samsung TV Plus, Amazon Fired TV, Amazon Echo Show, PlutoTV, Apple (News - Alert) TV, Roku, Comcast (Xfinity X1 and Xfinity Flex), VIZIO, Sky (NowTV and SkyQ), Foxxum, XITE, NetRange, Redbox, T-Mobile Play, Virgin Media, Xumo, Telstra and Vewd.
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