Replacing WPP, IPG's Initiative wins Volvo's $500 mn global media account

In August, Storyboard18 reported auto major Volvo initiating a global media review.

By  Storyboard18Dec 23, 2024 10:40 AM
Replacing WPP, IPG's Initiative wins Volvo's $500 mn global media account
WPP’s Mindshare was the 25-year incumbent of Volvo's $500 million media account.

Replacing WPP's Mindshare, IPG's Initiative has won the Swedish auto major Volvo's global media account, according to Adweek. The auto major initiated the pitch back in August, after 25 years.

According to COMvergence, the auto major's media spend is estimated to be around $500 million.

In its new mandate, the account spans key markets including the U.S., U.K., Germany, Sweden, Japan, Australia, and Korea and exclude China.

Storyboard18 reported that the Swedish auto manufacturer started a global review of its media planning and buying account in August.

"Group-M media investments firm Mindshare is the incumbent and has had the account for 25 years. The review for Volvo's $448 million global media account will span international markets including the US and the UK," it was reported.

The win for IPG follows its recent announcement of being acquired by Omnicom, pending regulatory approvals.

In a recent interview with CNBC-TV18, Martin Persson, Head of Volvo Cars APAC, addressed the future electric launches and its India portfolio plans. "We have a clear strategy here that every year we're going to launch one new fully electric car, and the first one out was the XC40 Recharge that came back in 2022. Then we had the C40 and this year we have the single-motor XC40 Recharge. Next up is the EX30, our next SUV, and then after that we will continue this strategy with one new car every year."


Tags
First Published on Dec 23, 2024 10:03 AM

More from Storyboard18

Advertising

Amid AI upheaval, advertising leaders seek balance between talent and technology

Amid AI upheaval, advertising leaders seek balance between talent and technology

How it Works

No Small Feat: Building a ratings agency in India cost upwards of Rs 1,000 crore

No Small Feat: Building a ratings agency in India cost upwards of Rs 1,000 crore

Advertising

Adcounty Media lists at 53% premium, debuts at Rs 130 on BSE SME

Adcounty Media lists at 53% premium, debuts at Rs 130 on BSE SME

How it Works

Advertisers on X’s hashtag ban and vertical ad pricing: Inward focus could trigger lower ad spends

Advertisers on X’s hashtag ban and vertical ad pricing: Inward focus could trigger lower ad spends

Advertising

India's AdEx likely to increase by 7.8% to Rs 1.37 lakh crore in 2025: Magna

India's AdEx likely to increase by 7.8% to Rs 1.37 lakh crore in 2025: Magna

Brand Makers

The trio of video, social and retail to lead India’s adex growth in 2025: MAGNA

The trio of video, social and retail to lead India’s adex growth in 2025: MAGNA

How it Works

Digital ads extend lead over traditional media, set to hit Rs 728 billion in 2025: MAGNA

Digital ads extend lead over traditional media, set to hit Rs 728 billion in 2025: MAGNA

Advertising

Life Insurers launch Rs 450 crore pan-India awareness campaign

Life Insurers launch Rs 450 crore pan-India awareness campaign