Western Union wants a piece of the media network pie.
Yesterday, the money transfer services company launched the Western Union Media Network (a bit on the nose but we’ll allow it), calling it a “new way to connect and engage with a diverse, multicultural audience of millions of global consumers.” Western Union serves 120 million customers worldwide each year.
Data is a key element of any media network, of course, and Western Union’s data is unique and interesting. Yes, the company has access to things like transaction and location data. But, given its business, Western Union also has a global customer base of immigrants and expatriates who send money internationally. This adds some rich multicultural texture to its dataset.
The media network spans Western Union’s web and mobile channels as well as 1,700 digital out-of-home screens in retail locations. These screens are located in supermarkets, pharmacies, check-cashing services, convenience stores, banks, and other places that might offer Western Union services. The company also says it’s extending its data to offsite audience targeting through programmatic channels, including CTV and video.
Why This Matters:
Brands are increasingly focused on reaching multicultural audiences. In the U.S., multicultural ad spending is projected to exceed $45 billion this year.
Western Union’s new media network taps into this demand, giving advertisers access to a global, multicultural audience on top of the stuff you would expect like transaction and demographic data. They know it’s a differentiator, too, mentioning “diverse” or “multicultural” eight times in total in the company’s launch press release.
Experts React:
“For more than a century and a half, people around the world have trusted Western Union as their means to connect across borders through the power of money movement,” said Bob Rupczynski, Chief Marketing Officer, Western Union.
He added, “We are excited to offer this opportunity to brands as an extension to their existing marketing efforts, providing a new way to actively engage with consumers, enhance brand affinity, and unlock revenue.”
Our Take:
The Western Union Media Network is another example of the “commerce media” shift, where traditional retailers are no longer the only ones launching ad businesses. Commerce media highlights that any brand with first-party data and inventory at a massive scale can take advantage of the opportunity. See travel.
Financial services—yes, Western Union, but also banks and credit unions—feels like the next vertical to follow this trend. In addition to Western Union, Chase and PayPal have launched media networks this year.
