Visual Vibe goes after increased revenues with roll-out of indoor screens
….inks partnership with Yello Media Group to target SMEs
Video board advertising company Visual Vibe Jamaica Limited, following its addition of indoor screens, is looking to significantly grow revenue as it forges new partnerships and goes after increased market share.
A subsidiary of the Tyrone Wilson-led iCreate Group, the billboard advertising company acquired in 2023 already operates some 13 outdoor signs spread across different parishes.
“We bought a valid company in Visual Vibe, which was already profitable and having good clientele. However, we want to further accelerate its growth as we offer more value for our clients. We’re looking to double our revenues in the next 12 months and part of that strategic effort is really around the roll-out of indoor advertising services from which we already have a few major partnerships lined up,” Wilson, who is also the executive chairman of Visual Vibe, told the Jamaica Observer on Thursday.
As a new business line the addition of indoor signs, which Wilson said requires less capital investment, has tremendous potential for growth. Already having some 20 locations signed up for services, including Courtyard by Mariott Hotel and Chillin Restaurant, which already have their boards activated, the intention, Wilson said, is to grow the footprint of this service to about 50 locations islandwide.
“As it relates to our outdoor screens we are also now upgrading some of those as we zone in on further building the business to create more value. We just upgraded the Knutsford Boulevard screen and is already looking to start work on Half-Way-Tree, the first Visual Vibe screen, before the start of the Olympics next month,” he noted.
In making provisions for capital expenditure, the company, Wilson said, has so far spent $60 million for the planned upgrades and another $15 million-$20 million on the indoor screens.
“We’re looking to spend another $200 million on both indoor and outdoor screens and that will come with raising additional capital. We’re now actively exploring options around fund-raising for Visual Vibe as a company; whether we do it privately or publicly remains on the table for the board to decide,” he stated.
A main driver of group revenue, Visual Vibe, which, since a wave of controversies with its iCreate parent, has been primed to become the focus of group operations. The company now earns revenue of about $160 million and $60 million in profit annually.
The interactive billboard company, following a recent partnership with Yello Media Group, is also now moving to support the marketing needs of small and medium-sized businesses. Tapping into Yello’s extensive MSME network, Visual Vibe will provide these smaller clients the opportunity to showcase their products and services on a larger platform.
The SME sector, which Wilson believes to be a largely underserved area, will as a result of the new partnership stand to benefit from dynamic digital outdoor and indoor advertising packages tailored specifically for their businesses.
“We already have a strong clientele of large companies, but when we look on the SME take-up of billboard services, the screens are not as widely used. Through our recent partnership with Yello, we are, however, trying to build out that segment, targeting especially those medium-sized businesses,” the executive chairman said.
“With Yello being one of the leading digital and advertising companies in the region they have a strong clientele comprising both large and SME clients right across the Caribbean. At Visual Vibe we are expanding aggressively and with both our outdoor and indoor screens, we want to ensure that SMEs can also have a stronger presence and brand identity in the market, which is why we have partnered with Yello,” he added.
As the shift from traditional static billboards to digital outdoor advertising continues over a decade, industry statistics have shown significant growth for this market globally which is expected to move from US$13.4 billion in value in 2022 to US$37.51 billion by 2032.
Yello Media Group, in noting the critical role that SMEs play in driving economic growth and development in any country, has on the other hand dubbed the partnership a strategic one and a win for these smaller clients who often do not have a large advertising budget as larger corporations.
“That is why we are thrilled to be teaming up with Visual Vibe to introduce a solution to the marketplace that will empower SMEs and enable them to stand out, connect, and engage with their target audiences more effectively, in order to grow their businesses,” commented Shayne Morris, product manager at Yello, in a notice about the partnership.