SINGAPORE, 2 September 2005 - Singapore Press Holdings Ltd (“SPH”) is moving into out-of-home advertising, as it extends its business into this new platform.
SPH today announced that it has completed its deal with MediaBoxOffice Pte Ltd (“MBO”), the island’s largest LED network media company, which is owned by IBIZ Asia Distribution Pte Ltd ("IBIZ"), an investment holding company.
To spearhead this new business, which will focus on motion and static media advertising, as well as events management, it has incorporated a subsidiary, SPH MediaBoxOffice Pte Ltd (“SPH MBO”). SPH owns 80 per cent of SPH MBO, with IBIZ holding the remaining 20 per cent.
The new entity will take over MBO’s island-wide network of LEDs and plasma screens, in prime sites such as Caltex House and the HDB Hub in Toa Payoh. SPH MBO will also hold exclusive marketing rights for events to be held at the above high traffic locations.
There has been a growing interest in out-of-home advertising as it offers innovative ways to maximise brand visibility and ratchet up exposure. It helps advertisers to take their message to key audience in an environment where it’s more likely to be noticed.
Mr Alan Chan, CEO of SPH, said: “Venturing into the out-of-home advertising market will allow us to offer more options with integrated marketing solutions to our clients, leveraging on newspapers, magazines, internet, radio and outdoor advertising.
"We see this as an excellent opportunity to extend our reach beyond the core newspaper and magazine businesses. SPH MBO will build on the success of MBO to deliver the best outdoor advertising options for advertisers. “
“The strong growth as seen in the out-of-home advertising marketing in recent years is the main impetus that has driven SPH to embark on this venture. With a projected growth rate of about 8% per annum in Singapore for the next 3 to 5 years, the Group is confident that this new venture will enhance SPH´s position as the leading media company in the region.”
Added Mr Leslie Fong, head of SPH’s Marketing: "We are sending the market a clear signal that we are more than just a newspaper company. We are going beyond print and would like to leverage on our brand name as well as our marketing strength and experience to offer advertisers unrivalled reach across all available platforms."
The new subsidiary will be headed by Executive Director James Heng, who has vast experience in newspaper advertising, internet, mobile telephony and TV. Supporting him will be the two founding members of MBO - Mr Simon Choo, as CEO (China), and Mr Steven Choo, as CEO (Singapore). Mr Heng continues to hold his current portfolio as Head of Marketing Division’s New Media Department in SPH.
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About Singapore Press Holdings
Main board listed Singapore Press Holdings Limited is the leading media company in Singapore, in the print, Internet and broadcasting platforms. It publishes 13 newspapers in the four official languages and more than 70 magazine titles. Everyday, 2.78 million individuals, or 90 per cent of people above 15 years old, read one of the SPH publications. Its Internet Business Unit manages the online editions of SPH’s major newspapers and magazines, which together enjoy over 250 million pageviews a month. SPH also owns a 20% stake in MediaCorp TV Holdings Pte Ltd, which operates free-to-air channels 5, 8, U and TV Mobile, and a 40% stake in MediaCorp Press Pte Ltd, which publishes free newspaper Today. It also operates two entertainment radio channels, UFM 100.3 FM in Chinese and WKRZ 91.3 FM in English, under a joint venture company UnionWorks with NTUC Media.