GroupM partners with Kobaco to help Korean firms expand abroad
By David Blecken
SEOUL – GroupM has entered into partnership with the Korea Broadcast Advertising Corporation (Kobaco) in a move to support the overseas media and marketing activities of domestic client companies.
GroupM, which opened for business in South Korea last April, will help Kobaco clients with international aspirations develop and execute marketing communications strategies, according to a statement from the agency network.
The initial focus will be on international media planning and buying. Other WPP companies will potentially also play a role in the agreement according to demand from client companies.
GroupM expects to benefit from enhanced access to the corporate sector in South Korea. The company has noted that domestic companies are increasingly seeking support in building their brands overseas, and that the domestic media sector has become more competitive as a result of recent government deregulation.
According to GroupM, media spend in Korea is forecast to reach the equivalent of almost US$10 billion this year — an increase of 6.5 per cent on 2011.
Kobaco is operated by the South Korean government and is the largest media representative in the market. It acts as the exclusive advertising sales representative for the majority of major TV and radio stations, and has a portfolio of around 7,000 domestic clients.
In a statement, GroupM’s regional CEO Mark Patterson said that the ambitions of both organisations “intersect in Korea and beyond so the scope for working together is clear and apparent”.