Monday, December 23, 2024

Insider Today: Blackstone’s holiday cheer

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A collage of Blackstone holiday videos.Blackstone

Welcome back to our Sunday edition, a roundup of some of our top stories. You’ve likely heard the term “supercommuter,” but you might have wondered… why? Someone who does it from Washington, DC, to NYC admits she’s not sure the job is worth the commute. Still, she’s not regretting doing it.


On the agenda today:

But first: Blackstone’s feeling festive.


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Blackstone CEO Jon Gray, wearing a t-shirt and a cowboy hat, glares into the distance.
Jon Gray, president and COO of Blackstone, goes country.Blackstone

Blackstone released its annual holiday video for the seventh consecutive year, which might elicit the reaction: Why is a firm managing $1 trillion worried about holiday videos?

The videos — full of self-deprecating jokes and Blackstone-backed product placement (of course) — have become a bit of an annual tradition on Wall Street. Last year’s notched 8 million views across platforms, a spokesman told BI. We’ve got a full rundown and ranking of all seven videos here.

Some people are laughing at Blackstone as opposed to with Blackstone, but that’s kind of the point. In an industry full of super serious people doing super serious business for super serious clients, Blackstone’s willing to make itself the butt of the joke.

Ok, yes, there is a business case for the videos. Jay Gillespie, the head of Blackstone’s video team and one of the brains behind the holiday extravaganza, spoke to BI’s Alex Nicoll about the evolution of his role at the firm.

Blackstone’s not alone in its outside-the-box approach to marketing on the Street. More firms are getting a bit — to borrow a phrase from my British colleagues — cheeky in pitching themselves to the general public.

Take BlackRock, which a few years ago took to social media to make clear it’s not Blackstone. (The firms have a long history together and have sometimes lean into the confusion between the two. BlackRock CEO and cofounder Larry Fink made a cameo in Blackstone’s holiday video this year: “Can you believe people confuse US for THEM?”)

Wall Street’s marketing frenzy isn’t foolproof. For an industry that prides itself on what kind of business you are bringing to a firm, marketing’s impact isn’t as direct as landing a massive deal or hitting the perfect trade.

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