LUMO Enters New Partnerships
Article By LUMO – Media Release – 2nd March 2020
New Zealand’s LUMO Digital Outdoor have announced a multi Supply Side Platform (SSP) partnership with global Digital Out-Of-Home (DOOH) tech players Vistar Media, Broadsign and Hivestack.
A move that LUMO co-founder and CEO Phil Clemas says will connect premium, large format outdoor inventory to buyers who wish to transact DOOH programmatically across LUMO’s nationwide network.
“This announcement couldn’t come at a better time with the DOOH market continuing its impressive growth in New Zealand.” Clemas is referring to the latest figures reporting a 36% increase in revenue for the channel in 2019.
“With digital attracting more than 64% share of all New Zealand OOH revenue, its timely that DOOH media suppliers want to seek new ways to improve the way in which agencies and advertisers view and buy their media.
Matt Bushby, Hivestack’s Managing Director ANZ & SEA believes that digital OOH has much more in common with its online cousins and notes that the channel still transacts in a very location specific, loop based way.
“We’re seeing real momentum building amongst buyers, looking for an option to purchase DOOH media where and when their audience is available. The great news is that the technology and data are now available for DOOH networks like LUMO to start exploring this.”
In the $10 billion United States OOH market, just 1.5% of OOH spend was transacted programmatically since its foundation roughly five years ago. Whilst still very much in its infancy, the developments in audience accountability and technology presents a significant opportunity for the New Zealand market in the long-term.
“Most DOOH vendors are either thinking about or ready poised to meet the rapidly growing enthusiasm for this new trading platform. But right now, it’s about working collaboratively to establish a set of rules and standards that will help us deliver greater consistency and higher delivery performance for our clients,” says Clemas.
“This is one of the key reasons why LUMO decided to join IAB NZ. They have a wealth of experience around how to make programmatic trading work, hard-earned lessons on what not to do, a significant resource base and a genuine desire to help our channel.”
Once the integrations are complete, LUMO will activate limited inventory programmatically alongside direct, tenancy buys that are currently standard in the New Zealand market. Tenancy buys will remain as an available investment tactic for advertisers who still wish to deliver guaranteed broadcast DOOH strategies.
“We want to fuel the growth of the entire digital out-of-home industry, and providing a seamless way for digital buyers to transact is the key to attracting new budgets into the space,” said Ben Baker, Sales Director, ANZ, Vistar Media. “Buyers are eager for truly biddable, open exchange and private market place (PMP) transactions where they can extend omnichannel data strategies to engage with consumers in the physical world. That is exactly the promise of programmatic out-of-home.”
A recent UK study between IAB UK, PWC and Broadsign highlighted education and transparency as key determinants to the success of pDOOH adoption. “It’s still very early days for programmatic DOOH in New Zealand, so we’ll be working closely with the LUMO team, along with Vistar and Hivestack to ensure that New Zealand’s advertisers and agencies understand what it is, how it works and the multiple benefits that it brings to brands” says Broadsign’s Sales Director ANZ, Ben Allman.
“OOH is built on strong credentials including real world existence, visual impact, broadcast reach and brand opportunity. When combined with our tech-smarts and quality, our screen locations plus the flexibility technology brings, there’s no doubt we will continue to influence demand and value. The difference this new opportunity presents is that a client’s DOOH investment from anywhere in the world, will be faster to execute and more efficient, based on real time audience delivery and predefined outcomes. This presents a very exciting step forward for LUMO’s clients and the wider DOOH industry” Clemas concludes.