Banktainment: The strategy of turning concert tickets into a multi-million dollar product for banks

In recent years, Vietnamese banks have entered a new race – becoming exclusive sponsors and diamond sponsors for popular game shows and music concerts. From VIB and VPBank to TPBank and Techcombank… all are using music and entertainment as "weapons" to capture Gen Z market share and reposition their brands.

The Race of the Big Players

In the context of Vietnam witnessing the strong development of the entertainment industry, especially the increasing number of large-scale concerts approaching international standards, the participation of banks as main or exclusive sponsors has become a prominent trend.

This strategic adjustment by banks is not just a media choice but a long-term strategy, closely linked to digital transformation, the race for market share, and the goal of optimizing customer experience, creating a wave of Banktainment (a combination of banking and entertainment).

Leading the wave of "Banktainment" is VIB Bank, which served as the main sponsor for the reality music show "The Masked Singer Vietnam" for two consecutive seasons (2022-2023) and as a strategic sponsor for "Anh trai say Hi" in 2024.

In 2024, as the Diamond Sponsor for "Anh trai vượt ngàn chông gai," Techcombank transformed the show's concert into a real ticket frenzy by leveraging exclusive early bird ticketing as a strategic weapon.

Through the "Em xinh say Hi" program, TPBank deeply integrated its key digital financial products, such as LiveBank and the TPBank app, into challenges, backstage activities, and exclusive voting competitions.

By transforming the TPBank app into an essential gateway for fans to hunt for concert tickets or open accounts with attractive numbers, the bank has created a spectacular digital transformation: App downloads increased by over 200%, peaking at 120,000 downloads per day, while the number of new credit cards opened through the app tripled.

Why are banks shifting towards the entertainment industry?

Mr. Nguyen Quang Huy - CEO of the Finance and Banking Faculty, Nguyen Trai University - believes that the primary motivation for banks to strongly participate in the entertainment industry stems from the fact that concerts in Vietnam are truly "on the rise."

In recent years, the market has seen a continuous stream of professionally organized concerts, attracting not only international artists but also a huge fan base. Notably, the audience is no longer limited to young people but has expanded to include middle-aged individuals with stable incomes who are willing to spend on quality experiences.

This expansion in both scale and demographic structure of the audience has created a highly potential market for banks to exploit. The younger customer group represents dynamism, a preference for new experiences, and a receptiveness to digital services; conversely, the middle-aged customer group is the target for credit card needs, asset management, and high-end banking services. Therefore, concerts become an ideal convergence point for banks to fully reach the most important segments in their long-term growth strategy.

Furthermore, the digital transformation and the boom in cashless payments in Vietnam are creating a "golden opportunity" for this collaboration. As people become increasingly familiar with e-wallets, payment cards, and digital banking, the concert environment – ​​with its unique features of online ticketing, electronic ticketing, and on-site payment via QR code or card – becomes an ideal space for banks to promote their business objectives. Through these events, banks can increase account openings and card activations, encourage digital payment habits, and attract new customers with early bird ticket offers or exclusive privileges. Furthermore, it's an opportunity to collect data for behavioral analysis and personalized service. In a highly competitive environment, the ability to integrate digital services with real-world experiences at events allows banks to differentiate themselves significantly from traditional advertising methods.

When deciding to sponsor a concert, banks aren't just looking to "display their logo" but are aiming for a more important strategic goal: combining the strengthening of a modern brand image with the potential for actual customer conversion. The opportunity to activate services through promotional programs, early ticket sales, or dedicated customer areas helps them both enhance their image and create a favorable "runway" for new customers to enter their product ecosystem.

To optimize effectiveness, banks often prioritize exclusive sponsorship, especially for large-scale concerts with strong social appeal. According to Mr. Huy, exclusivity allows banks to completely control the brand space, avoid image dispersion, and tightly control the audience's experience journey from online to offline. This helps design seamless offers, creating a clear advantage.

This strategy targets competitors, especially young and middle-income customers, while maximizing reach through media and organic content from attendees. The strongest point of this exclusive strategy is its ability to create emotional connections and brand recognition throughout the entire event – ​​something that conventional sponsorships struggle to achieve.

Looking ahead to the next 3-5 years, the trend of combining banking and entertainment will continue to expand in three main directions, based on the development of the entertainment industry and the context of digital transformation.

Firstly, there will be a shift towards long-term partnerships instead of individual events. Banks will partner with organizers to create regular concert series, festivals, or annual program series to maintain sustainable interaction with the community.

Secondly, there's the trend of deeply integrating digital products into entertainment experiences, for example, issuing exclusive fan loyalty cards, annual ticket purchase packages, points redemption for music experiences, or financial services linked to entertainment spending needs.

Finally, there's the application of data to optimize the customer journey. From ticket purchase behavior and attendance history to app interaction levels, banks can build personalized service models, thereby improving cross-selling effectiveness and customer retention.

In short, the boom in art concerts in Vietnam, combined with the strong shift towards digital payments and the experiential consumption habits of both young and middle-aged people, has opened up a new "strategic territory" for banks.