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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.
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."
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