Twitter was made for guilty pleasures like "Sharknado," but how are Millionaires using the social network for financial or professional purposes?
Tragedy tomorrow, “Sharknado” tonight.
The Syfy cable network is once again jumping the shark with the Thursday rebroadcast of its made-for-TV shlockapalooza about, yes, a shark-infested tempest that created a perfect social media storm, generating a reported 5,000 tweets per minute during its broadcast last Friday night (A sample from NBC’s Chuck Todd: “I follow about a thousand folks. Every one of them tweeting about ‘Sharknado’). But as with the feature film Snakes on a Plane, the social media hoopla did not translate into blockbuster audiences. “Sharknado” only netted 1.4 million viewers.
This did not stop Syfy from recently announcing the inevitable sequel, which will be set in New York. Further leveraging the interest the film generated on social media, the marketing savvy network is offering irresistible bait: A contest on Twitter to name the sequel.
“Sharknados” may come and go, but Twitter is gaining an increasing foothold on the social media landscape among Affluent invetors, according to a new study conducted by Spectrem’s Millionaire Corner into technology and social media usage.
Millionaire investors who check Twitter at least twice a day has increased from 18 percent last year to 35 percent, which is slightly higher than the percentage who check Facebook twice daily. Similarly, 28 percent of Ultra High Net Worth investors (with a net worth between $5 million and $25 million, not including primary residence) check Twitter at least twice a day, up from 18 percent last year.
While almost half of Millionaires (45 percent) only occasionally share information gleaned from Twitter with others, an increasing number (16 percent, up from 6 percent last year) are active participants, observing, sharing, commenting and tweeting and re-tweeting with others,
Who are Millionaires following on Twitter? Sixty percent follow family or friends. Nearly half (47 percent) follow news commentators, while 39 percent follow political pundits. Less than one-fourth (22 percent) follow financial or investment commentators.
Twitter usage among Millionaires is primarily social (82 percent), the Spectrem’s Millionaire Corner study found, but, not surprisingly, younger Millionaires are more likely than their older counterparts than to use Twitter for other purposes other than just making snarky (or is that “sharky?) comments about “Sharknado.” Forty percent of Gen-X-aged Millionaires (vs. 18 percent of respondents overall) report using Twitter for professional purposes.
A higher percentage of young Millionaires ages 44 and under, reports following financial and/or an investment commentators. Similarly, 23 percent of Millionaires under the age of 35 follow their financial advisor on Twitter, compared with just 3 percent of Millionaire respondents overall. Nearly four-in-ten (38 percent) said they would follow their financial advisor on Twitter, vs. just 7 percent of respondents overall.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.