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