Female Media Opps: Chobani files for IPO amid spend increases
Chobani recently filed confidentially for an IPO. The company hasn't announced any details regarding the filing or its valuation, but The Wall Street Journal recently revealed it had a potential valuation of $7b-$10b earlier this year.
If Chobani does go public, it would have the financial freedom to expand its product offerings; over the past while, it has launched oat- and plant-based options, ready-to-drink coffee and creamers while still also focusing on its yogurt, which just launched a sugar-free option.
An IPO would also give Chobani a larger budget from which to allocate ad dollars, which would likely lead its ad spend to continue rising.
So far this year, iSpot reports the company has allocated roughly $12.4m toward national TV, around double the roughly $6.7m it allocated within the same 2020 timeframe. Chobani ended up allocating roughly $15.5m toward this channel last year, down 29% from the roughly $21.9m it allocated in 2019. The company's commercials of 2021 have targeted millennials and Gen-X (female skew) watching shows such as Good Morning America, Diners, Drive-Ins and Dives, Naked and Afraid XL, The Big Bang Theory and The Golden Girls.
According to Pathmatics, Chobani has spent approximately $6.7m on digital ads YTD, up 60% from the approximately $4.2m it had spent by this point last year. The company's estimated full-year 2020 spend doubled from that of $2.9m in 2019. Since the beginning of 2021, Chobani has earned ~728m digital impressions via Instagram (46%), Facebook (29%), YouTube (23%) and desktop display (2%) ads.
Additionally, Magellan reveals the company has aired 194 podcast ads within the past 12 months.
As you can tell, Chobani has a wide target demographic spanning from Gen-X (TV) and millennials (TV and podcast) to Gen-Z (Instagram, Facebook and YouTube). Its target does, though, have a very strong female skew. Per Kantar data, Chobani also invests in OOH, radio and local TV.
Agency & martech readers - I don't see much of an opportunity for you here right now, so focus your attention elsewhere. An in-house creative team was behind Chobani's March 2021 campaign, and Horizon Media NY is its media AOR.
