CReATION: JWT, KTB fight it out for share of Korea's new media market

<p>In a bid to win fledgling new media marketshare in Korea, J.Walter </p><p>Thompson has joined forces with Korean venture capitalist, Korean </p><p>Technology Banking Corp (KTB), creating a "multi-purpose digital </p><p>agency", Thompson Digital KTB. </p><p><BR><BR> </p><p>Taking what JWT Asia-Pacific chief operating officer Kevin Ramsey termed </p><p>"a massive move into the digital arena" the new set-ups sees JWT </p><p>controlling the day-to-day running of Thompson Digital, whilst retaining </p><p>a 51 per cent slice of the share pie. </p><p><BR><BR> </p><p>KTB will, meanwhile, retain the 49 per cent minority stake. </p><p><BR><BR> </p><p>Mr Ramsey told CReATION that JWT was currently "putting its foot on the </p><p>accelerator" and spending "a considerable amount of money across the </p><p>region" to address opportunities in new media. </p><p><BR><BR> </p><p>"Clearly in the communications business, if you want to be at the front </p><p>right now, you have to be at the front in terms of digital </p><p>capability". </p><p><BR><BR> </p><p>"If you look at the old economy and marketing in the old economy, brand </p><p>advertising is the bit at the end of the equation - with new economy </p><p>businesses, the branding and communication comes a hell of a lot higher </p><p>up the food chain," he said. </p><p><BR><BR> </p><p>With KTB holding assets in more than 20 per cent of Korea's tech-stock </p><p>exchange, the Kosdaq, he said the firm had already bought some "very </p><p>significant assignments to the (agency's) business". </p><p><BR><BR> </p><p>"They came in with a commitment to bring assignments to the agency and </p><p>have done so already". </p><p><BR><BR> </p><p>Boasting its best ever regional performance during '99 - JWT's billings </p><p>pushed HK$944.63 million for Hong Kong alone - the Korean JV </p><p>comes off the back of a similar union between JWT's Australian arm and </p><p>UK Web shop Deep End. </p><p><BR><BR> </p><p>The resulting digital shop, Chlorine, opened its doors in Australia in </p><p>April. </p><p><BR><BR> </p><p>Signalling the need for Internet start-ups globally to "sort their </p><p>branding out", Mr Ramsey told CReATION that the JWT-KTB union went </p><p>"beyond Korea". </p><p><BR><BR> </p><p>"It's really a marriage of branding and communications experts and </p><p>Thompson is recognised for that globally," he said. </p><p><BR><BR> </p><p>Besides setting up the agency as a separate entity from its parent, </p><p>Thompson Digital will have the full range of (agency) services and an </p><p>accent on building new economy brands in mass media. </p><p><BR><BR> </p><p>JWT Korea MD Mr Dong Wook Kim also takes the helm at Thompson Digital; </p><p>however, Mr Ramsey said that besides the established core of staffers </p><p>already in place, the agency was looking for new blood. </p><p><BR><BR> </p><p>"The nature of our business is changing completely and the consumer is </p><p>going to drive it far more," he said, adding. </p><p><BR><BR> </p><p>"We're going to have to deliver against consumer needs rather than </p><p>creative people's desire to be shooting in some exotic location, or </p><p>being able to say they got Oliver Stone to direct a commercial for </p><p>them." </p><p><BR><BR> </p>