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Power shift, Part I
The economic downturn may have jolted the region’s media industry, but it is triggering changes that are long overdue, Part I.
September 20, 2009 9:02 by Sam Potter
That means from a content provider perspective, the bigger became bigger as they had more leverage to acquire content or offer products to their potential consumers hence clients had to consolidate their investments with only key media.
Finally, accountability has become a bigger factor. The past two years delivered the notion of buying media based on budget power and monopolizing the media space, but 2009 ushered in a culture of wanting to really verify the spends and understand how it actually delivers on the bottom line.”
According to Kandil, these trends are visible across the whole Middle East.
Agencies and clients are adapting to the fact that 2007 and 2008 were record years for the industry, and the abundance of unjustified media budget is unlikely to be witnessed again.
Recognizing the need to adapt, Haber of Mindshare says smart agencies have taken advantage of the downturn to find new business efficiencies, reinforce services and strengthen offerings. He considers the slowdown a “good opportunity.”
“We have looked at all resources and reshuffled, addressing all our issues,” he says of Mindshare. “We have been upgrading. We have been training. If there is talent in the market this is a good opportunity to recruit. And media suppliers are becoming more receptive and more open to ideas, to innovations.”