Park Advertising Investment Holdings joins forces with M&N Brands
More than 80% of South Africa’s media pie is shared between the top five global media agency groups. This leaves very little room for local, independent players to enter the market and compete because of the large capital and credit requirements needed to book media on a large scale. This advantage is what global agencies have had for many years, coupled with the financial backing from their parent companies from around the globe.
Zibusiso Mkhwanazi, Executive Chairperson of M&N Brands – the holding company that owns the Avatar Agency group, South Africa’s largest fully black-owned Marketing, Advertising and Communications group which turns 10 years old next month – and Chris Botha, Group Managing Director of Park Advertising – which owns The MediaShop, Lucid and Meta Media – is looking to change all that and pave the way for a more representative media landscape in SA.
This deal follows Mkhwanazi’s departure as Group CEO of Avatar Agency Group; moving into a new role as Executive Chairperson of M&N Brands and will be focusing on AMA, among others.
Park Advertising is a majority locally owned agency that has partnered with M&N Brands to form AMA with the view to change the South African media landscape.
AMA is a M&N Brands wholly owned, large-scale media agency that has the backing of the purchasing power, tools, technology and financial systems of Park Advertising to support its endeavours with a view to change the South African media landscape.
‘We believe that the market is ready for a local, 100% black-owned media agency. If over 80% of a R44 billion market is held by global network agencies, we need to change that, and pave the way for a more representative industry. We are entering into this revolutionary deal in order to create progress that is good for both clients, the industry and the country,’ explains Botha.
‘This is good for clients because media normally makes up the lion’s share of advertising budgets and blue-chip clients now have another option of buying through a fully black-owned media agency on a big scale to further achieve their BBBEE goals,’ says Mkhwanazi.
‘With a current rate card billing of over R5 billion from Park Advertising, AMA and its clients can look forward to benefiting from this purchasing power locally and the global buying discounts on platforms like Facebook and Google. Our commitment to the growth of the South African media landscape is unwavering, and this is just the start. We are here to stay,’ concludes Mkhwanazi.