Large banks and energy companies have seen a new avenue of business in music festivals. They are massive events, which can attract more than 250,000 attendees, like this year's Primavera Sound in Barcelona, and which bring together an attractive audience for companies that is difficult to connect with. The objective is none other than to attract young clients. That is why companies such as Santander, CaixaBank, Iberdrola and Endesa, among others, are opening new avenues of sponsorship through different formats. The joint investment has been around 60 million this year, the summer of the big outbreak, according to business sources, which makes musical events emerge as a great competitor to sport.
There are two differences between music and football. First of all, the price. Sponsoring the Spanish Football League, as Santander and BBVA have done in recent years, exceeds 20 million a year. A large music festival like Primavera Sound or MadCool in Madrid is around a million. The second big difference is the return: music is the great opportunity to connect with potential new clients.
Each company has developed its own strategy. The Santander bank is the one that has invested the most in sponsoring large musical events, around 15 million, according to market sources. The bank does not comment on specific figures. Each division of the entity has its own strategy. In Spain the bet is multiple: main sponsor of MadCool, investment in Primavera Sound, in the concerts of Los 40 Principales... In addition, it has reached an agreement with Live Nation, the main promoter of musical events, so that Santander clients access tickets and could announce new agreements in the coming months. Santander has also launched SMusic, a music content platform.
The bank, however, maintains sports sponsorship. After leaving the League or the Champions League, he has agreements with Ferrari, golf and with athletes such as Rafa Nadal, Pau Gasol and John Rahm.
CaixaBank wants to “have a presence in the territory and, with it, social, cultural and economic impact.” The bank sponsors several massive music festivals under the “Music Experience” concept: Madrid Live Experience (Madrid), Peralada (Girona), 1001 Músicas (Granada), Starlite (Marbella), Festival Jardins Terramar (Sitges), Cap Roig Festival ( Girona) and Miramar Gauak (Donosti). He also collaborates with several artists individually and has chosen Pablo Alborán as cultural ambassador. Furthermore, in collaboration with Warner Music Spain, CaixaBank, has promoted The Square, a virtual space for immersive musical experiences in the metaverse.
In its global commitment, the entity led by Gonzalo Gortázar does not neglect the strategic commitment to sports: football, basketball, running and Paralympic sports, with more than 300 agreements in force.
In the field of energy companies, Iberdrola, Repsol and Endesa are the companies with the strongest commitment to music. The star proposal of the company chaired by Ignacio Galán is to name a space where MadCool is held after him. The Iberdrola Music is a 185,000 square meter venue for a capacity of 100,000 people in Madrid. “Green is our flag and the objective is to make the space sustainable,” says the company.
This year, Repsol has begun sponsoring large-scale cultural events. Its goal is to partner with events by supplying renewable fuel to them. Decarbonization as a flag. Repsol does not put its logo on the event, but rather provides solutions to organizers seeking carbon neutrality. The Mare Nostrum festival in Fuengirola is one of the company's bets. “We are long lights, a company that supplies multi-energy,” energy sources indicate.
Endesa has also begun to invest significant resources. It already sponsors up to four festivals spread across Spain: Jardín Delicias (Madrid), Mallorca Live Festival (Mallorca), Cruïlla (BCN) and City (Zaragoza). The company led by José Bogas maintains sponsorships in the sports market, such as the Endesa basketball league, but assumes that it is saturated. Naturgy, for its part, has renounced this type of massive events.
