CREATION: Coverspace launches outdoor media buying service in China

<p>Coverspace has introduced a business-to-business (B2B) media buying </p><p>service on the Internet, creating a focal point for media buyers and </p><p>sellers. </p><p><BR><BR> </p><p>The online service, which acts as a "partnership" between agencies and </p><p>media vendors, will not present any conflict of interest between media </p><p>specialists, according to chief operating officer Diamond Tai. </p><p><BR><BR> </p><p>The site is to create a more transparent trading platform for media </p><p>owners and buyers, said Mr Tai, who was previously the outdoor media </p><p>director of Zenith. </p><p><BR><BR> </p><p>"We (Coverspace and agencies) complement each other rather than compete </p><p>with them (agencies) as our service just involves part of the media </p><p>buying process," said Mr Tai. </p><p><BR><BR> </p><p>He added the B2B media trading service could save media buyers cost and </p><p>time in searching for potential media opportunities across China. </p><p><BR><BR> </p><p>Media owners can set up virtual sales and promotion forces on the </p><p>Internet. </p><p><BR><BR> </p><p>In addition, they can gain access to potential clients. </p><p><BR><BR> </p><p>In China, advertisers such as FMCG marketers are looking for diverse </p><p>media plans and the demand for new media is on the rise. </p><p><BR><BR> </p><p>Tapping into advanced technology and the new economy, Mr Tai noted the </p><p>online media trading service would help marketers find new communication </p><p>channels fast. </p><p><BR><BR> </p><p>Initially, 90 per cent of the services trading on the site would be </p><p>outdoor media covering more than 30 cities in the mainland. </p><p><BR><BR> </p><p>Coverspace will also expand into television and print, as well as other </p><p>media and communication channels, said Mr Tai, who founded the Internet </p><p>venture with two other partners from the advertising industry. </p><p><BR><BR> </p><p>Outdoor media is highly cluttered in China, with numerous vendors owning </p><p>one side of a street's outdoor signage. </p><p><BR><BR> </p><p>Hence, the Internet offers a more efficient and convenient media trading </p><p>platform on which clients gain access to analytical information and </p><p>visuals of the media. </p><p><BR><BR> </p><p>The website is more than simply a display of media vendors; it is linked </p><p>to media owners' sites and offers legal information concerning media in </p><p>China. </p><p><BR><BR> </p><p>Through online video technology and Rich Media, Coverspace CEO Merwin </p><p>Chan said subscribers have the opportunity to experience a virtual site </p><p>visit of the outdoor location and its surrounding environment. </p><p><BR><BR> </p><p>As well as still photos, Coverspace offers a 360-degree panoramic video </p><p>viewing of the outdoor site. </p><p><BR><BR> </p><p>"Media buyers are now able to shop and explore more choices on the </p><p>'Net," said Mr Chan, adding the site offers prices, bookings and </p><p>analytical reports of the medium. </p><p><BR><BR> </p><p>Coverspace plans to develop sophisticated online trading services, </p><p>including media reviews of competitive brands for clients, following </p><p>special requests. </p><p><BR><BR> </p><p>As for online media auctions, Mr Chan said the China market was </p><p>presently not mature enough to introduce comprehensive media bidding on </p><p>the 'Net. </p><p><BR><BR> </p><p>However, he said online bidding may work for certain popular outdoor </p><p>locations such as billboards on the airport highway. </p><p><BR><BR> </p><p>Coverspace is to generate revenue through commission charged on each </p><p>successful online deal and subscription. Partnering with local media </p><p>vendors, Coverspace has created a network of services across major China </p><p>cities such as Beijing, Shanghai, Shenyang and Guangzhou. </p><p><BR><BR> </p>