March 18, 2024
In addition to TV networks, print publications, websites, mobile apps and social media sites, marketers must now consider directing ad spend to the newer mediums of streaming services (video and audio) and podcasts. And for good reason: Netflix and Amazon Prime Video are widely popular video streaming sites, with more than two-thirds of financial advisors subscribing to each platform, according to a new report released by Cogent Syndicated.
In fact, few media properties aside from social media giants YouTube, LinkedIn and Facebook boast a comparable advisor reach among the more than 100 media providers tracked in our research. Perhaps even more impressively, adoption isn’t driven solely by younger advisors. Both Netflix and Amazon Prime Video enjoy broad reach across advisor channels, generational cohorts, AUM levels, DC AUM levels and heavy producer user segments.
Of course, it’s important to note Millennial advisors are more avid video streamers, using an average of 4.7 video streaming sites per month, nearly double the rate of 1st Wave Boomer advisors (2.5). In addition to Netflix and Amazon Prime Video, Millennial advisors are also frequent consumers of Hulu (68%), Max (61%), Disney+ (57%) and Peacock (38%). Gen X advisors and producers with $10 million to less than $50 million in DC AUM also serve as strong candidates for video streaming ad spend, respectively watching an average of 3.7 and 3.6 video platforms per month.
Turning to audio streaming providers, Spotify and SiriusXM are emerging as category leaders, reaching more than one-quarter of financial advisors as sources of financial news. A more granular look by generational cohort reveals three-quarters of Millennial advisors (76%) are actively listening to Spotify. Gen X advisors also prefer Spotify, followed more distantly by SiriusXM, Apple Music, Amazon Prime Music and Pandora. In addition, DC specialists—defined as advisors who manage at least $100 million in DC assets—are ideal targets for audio streaming advertising, averaging 1.5 services per month, followed by RIAs, Gen X advisors and $100M+ AUM producers, who average 1.3 channels.
Cogent Syndicated is also tracking advisor consumption of podcasts—a nascent source of business and financial news, with advisor preferences running the gamut. Millennial and Gen X advisors are at the helm of podcast demand, respectively listening to an average of 0.7 and 0.8 podcasts per month. RIAs, DC advisors and heavy ETF producers are also budding podcast enthusiasts, listening to an average of 0.7 shows per month. Thus far, Financial Advisor Success (by Michael Kitces) and The Journal (by The Wall Street Journal) are beginning to differentiate themselves as industry leaders, each netting 5% reach in aggregate, with The Journal cited as the primary podcast by 11% of the overall advisor population.
For media buyers willing to venture into new mediums, these trends indicate there could be untapped ROI potential in Netflix and Amazon Prime Video for mainstream advisor reach and podcasts for niche audiences. For asset managers, knowing where and when financial advisors are consuming media helps justify the millions of dollars asset managers spend on media budgets. Whether it’s an annual read through our Annual Media Consumption Advisor Summary, published last month, or a monthly look through our Media Consumption portal, we have you covered. Click below to learn more about the annual report.
Sonia Davis
Senior Product Director, Cogent Syndicated
Sonia is a senior product director for Cogent Syndicated with more than 12 years of market research experience. She has managed numerous qualitative and quantitative studies in financial services industry research, as well as the hospitality, consumer packaged goods and retail sectors. Prior to Escalent, Sonia served as a community manager for C Space, a public relations specialist for Putnam Investments and as a staff reporter for Community Newspaper Company. Sonia earned an MBA from Boston University School of Management and a bachelor’s degree in communications from Simmons College. She’s a proud finisher of the rainiest Boston Marathon on record (2018), but truly enjoys triathlon training and outdoor adventures with her black lab.
