BotD: Ratings cut fails to lift media stocks; Reo signs another client; New IAB chair
Welcome to Best of the Day. Apologies for our delayed arrival in your inbox. We’ve just wrapped up the lively Auckland edition of Compass. The podcast highlights will follow soon.
Today: The interest rate cut finally arrives but fails to lift media market sentiment as consumer confidence falls; the CommsCon finalists are revealed
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No rate lift for Unmade Index
Even the fillip of the first rate cut in more than four years failed to lift most media and marketing stocks today.
The Unmade index followed the wider ASX All Ords into negative territory with the Reserve Bank decision already fully priced in.
All of the broadcasters had a poor day on the ASX. Southern Cross Austereo lost 5.2% to land on a $155m market capitalisation. Seven West Media lost 2.9%. ARN Media was off by 0.8% and Nine was down 0.7%.
Meanwhile, Roy Morgan Research said tonight that in a survey conducted prior to the rate cut, consumer confidence was down 1.6 points to 85.1. However, that number is better than the same time last year.
The day: Another Reo retail client; Omnicom divides CEO role; Broadsheet plots London expansion
CommsCon at the pointy end
Mumbrella announced the finalists for this year’s CommsCon Awards. The PR and communications industry awards have been run by Mumbrella since 2013. Six teams are in the running for the major category of large PR agency of the year. Winners will be announced on March 27
Omnicom splits the honours
The exit of long serving Omnicom Media Group CEO Peter Horgan continues to see the group’s management rethink its ANZ structure. After appointing Kristiaan Kroon into the new role of chief operating officer for OMG Australia just before Christmas, the holdco promoted PHD NZ CEO Nikki Grafton to the role of CEO of OMG NZ. The moves come ahead of Omnicom’s imminent takeover of Interpublic Group.
Petbarn joins the retail media race with Reo
Petbarn is the latest retailer to launch a retail media offering. Ooh Media’s retail media arm Reo will run the operation. Last week Reo announced Australia Post as a client.
IAB has a new chair
Australia’s digital advertising industry has a new voice at the top with Nine’s Suzie Cardwell voted in as chair. Carwell replaces Vanya Mariani, who was in the seat for just six months before being leaving Carsales just before Christmas.
Broadsheet looks north
Broadsheet founder Nick Shelton said that he plans to launch a UK edition of the Australia-founded lifestyle and city guide.
Time to leave you to your day. QF4 willing, I’ll be speaking at the IMAA’s Indie-Pendence Day conference in Sydney tomorrow lunchtime. It’s also being live streamed.
Have a great night.
Toodlepip…
Tim Burrowes
Publisher - Unmade and Mumbrella
tim@unmade.media
