Visual Vibe takes inside look at advertising
Digital board advertising company Visual Vibe is taking its advertisements indoors.
The company, which was recently acquired by and integrated into the iCreate group of companies, is aiming to drive revenue growth with the introduction of indoor digital screens, a new service that was introduced last month at the AC Hotel Kingston in St Andrew.
So far Visual Vibe has entered into a partnership with restaurateur P J Wright, proprietor of Tacbar, Cru, and Chilling restaurants, to erect the display boards at his food establishments. The screens will also be visible at Murray’s Fish & Jerk Hut locations in Clarendon and Mandeville.
According to general manager of Visual Vibe Marc Robinson, the move will not only increase revenue but also diversify revenue streams.
“We [are] trying to build more offerings, so we’re going into indoor [advertisements] and [those restaurants] are perfect spot[s] that we think we can start at those locations. I know a lot of advertisers would love to go into those locations as well ’cause it would be more targeted advertising for the clientele,” he told Jamaica Observer.
The installation of the indoor digital screens will serve as a pilot as Visual Vibe is now “testing the market” before building out the business line further, adding, “But there is a lot of interests for indoor advertisement.”
When asked if the indoor advertisement will generate shared earnings between Visual Vibe and the food establishments, Robinson said it depends on the negotiations entered into with each organisation. While shared earnings from advertisement is one option, a business can explore a trade-off arrangement in which it advertises its own content on the indoor screen.
“There are some finer details that we are working on,” the Visual Vibe general manager said in relation to the partnership arrangement with Wright.
While the indoor screens are plug and play ready, Robinson anticipates that direct costs will include electricity, acquisition, and installation. Within the first year, he estimates this new business could add $50 million in annual revenue.
For 2022, iCreate targeted revenue of US$2 million and profit of US$1 million. However, the company fell woefully short, generating just $79.63 million in revenues, though it was an increase of 68 per cent over 2021. Net loss attributable to shareholders was $39.94 million.
In December iCreate indicated that it sold a 30 per cent stake in Visual Vibe “to a strategic investment group led by Mr Anthony Dunn”.
“This strategic partnership marks a pivotal moment in the trajectory of both iCreate and Visual Vibe, setting the stage for innovation, expansion, and increased shareholder value,” the release on the Jamaica Stock Exchange website stated then.
Robinson believes that opportunities in the new and already existing business lines extend beyond Jamaica’s borders, pointing to a number of Caribbean territories and Africa.
“We haven’t done all the researchâ€¦but in terms of digital technology and where advertising is going, there’s always a need in any country,” he told Business Observer.
“The collaboration with Tacbar, Cru, and Chillin restaurants and Murray’s is an exciting step in our global expansion strategy. We are dedicated to enhancing the visual experience for both businesses and consumers, and this partnership is a testament to that commitment,” he added.
Commenting on the partnership with Visual Vibe, Wright said, “We are thrilled to partner with Visual Vibe to bring state-of-the-art digital displays to our locations. This partnership aligns perfectly with our commitment to providing exceptional experiences for our customers.”