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

Misleading ad case: Kerala HC stays order against Baba Ramdev and Acharya Balkrishna

Misleading ad case: Kerala HC stays order against Baba Ramdev and Acharya Balkrishna

Advertising

Global social media ad spend projected to reach $239 billion in 2025, $273 billion by 2026: Report

Global social media ad spend projected to reach $239 billion in 2025, $273 billion by 2026: Report

Advertising

EXCLUSIVE: CCI examines emails of former IBDF President K Madhavan, key officials

EXCLUSIVE: CCI examines emails of former IBDF President K Madhavan, key officials

Advertising

CCI raids: Cloned data from GroupM, Dentsu puts Big Tech under scanner

CCI raids: Cloned data from GroupM, Dentsu puts Big Tech under scanner

How it Works

Creative control or creative caution? What’s really driving content choices on Indian OTTs

Creative control or creative caution? What’s really driving content choices on Indian OTTs

How it Works

CCI raids could accelerate shift from “media muscle” to “strategic agility”, writes indie ad agency Famous Innovations founder

CCI raids could accelerate shift from “media muscle” to “strategic agility”, writes indie ad agency Famous Innovations founder

Advertising

Hypothesis by OML wins Influencer Marketing mandate for Ather Energy

Hypothesis by OML wins Influencer Marketing mandate for Ather Energy

How it Works

SEBI’s ID mandate for intermediary ads welcomed, but industry seeks stronger AI oversight

SEBI’s ID mandate for intermediary ads welcomed, but industry seeks stronger AI oversight