Media monitoring market in Southeast Asia to grow 20% to 30% annually
The increasing number of organizations realizing the benefits of outsourcing media monitoring is one of the reasons for the industry to see growth annually. Organizations outsource media monitoring for two main reasons:, to manage costs and get better return-on-investment.
The market is expected to grow at 20% to 30% annually. According to Alan Lim, Chief Executive Officer of the largest media monitoring and media analysis provider service in Southeast Asia, the media monitoring and intelligence market is currently worth around RM50 million within the region.
MediaBanc monitors 50 radio stations, 80 television stations, 300 newspapers, 1,000 magazines and 25,000 online news and blogs to cater to about 500 million people in Southeast Asia. At the media briefing during the re-launching of the MediaBanc brand, Lim explained the current competition in the field of communications, saying; "Today, all effective strategic communications will have to be based on the Output, Outcomes and Business Results." Companies find themselves in an increasingly competitive environment hence the need to "Be Informed."
MediaBanc sees further growth as it rides on the industry wave. With that in mind, the company worked harder and it was awarded a RM1 million brand promotion grant by Malaysia External Trade Development Corporation (Matrade). MediaBanc used the funds for an internal branding exercise to elevate its value chain. Moreover the company is eyeing a research and development grant from another government agency to support other endeavors.
Established in 1997, MediaBanc has been growing to capture the Southeast Asian market. The company has expanded its client list to 1,000 retainer clients and 4,000 ad hoc clients which positioned MediaBanc as the current market leader holding 60% of the total market share across six cities—Kuala Lumpur, Singapore, Jakarta, Manila, Bangkok, and Ho Chi Minh City.
MediaBanc clients are mainly multi-national companies. Chief Strategic Offer, Shen Chang, said in an interview that the company had invested in a research and development centre in the Technology Park to enhance its services to clients. The investment is expected to result to RM5 million in cost savings over the next few years.
Last year, MediaBanc launched a new product to help PR and corporate communication practitioners measure (in real time) their media effectiveness ROI. MediaBanc believes that “Information is King” hence it invests in superior technology to allow clients to understand and share the same belief.