A $20 million advertising fund has been set up by Channel Three owner MediaWorks to provide advertising assistance to small businesses that are suffering from the implications of the global outbreak of the Novel Coronavirus. This fund will be seen using the advertising spots that are not sold to provide promotions for the small and medium businesses affected by the pandemic, free of cost.
This free advertising will be made available to small and medium-sized businesses who are trading and dealing online along with the community organizations. It will be available between the months of May and July across all the platforms of MediaWorks and QMS broadcasting. QMS is an Australian outdoor advertising business and the partial owner of MediaWorks along with Oaktree, the US private equity firm.
Glen Kyne, the commercial director of MediaWorks stated that the outbreak had a devastating impact on several enterprises and businesses across New Zealand. This fund is designed to stimulate the economy of New Zealand in the coming months and the businesses starting now.
MediaWorks also wishes to see all the possible Kiwi businesses grow and sustain.
The company has been classified as an essential business in the media and ad industry but like many other major firms in the media, apparently witnessed a steep drop in the revenues from advertising since the announcement of level 4 lockdown. It also asked its staff to take a 15% reduction in pay in the previous month. It received different amounts for its employees under the wage subsidy scheme.
The company clears that it is not using any revenue or handing out a pool of money, rather it is using its unsold inventory worth $20 million to support the local businesses.
It is a great step by the company by utilizing its unused resources for the benefit of the sufferers. To know more about such solutions to problems in the martech industry, follow the martech cube. Martech cube delivers regular updates about the on-goings in the martech world.
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Aashish is currently a Content writer at Martech Cube. He is an enthusiastic and avid writer. His key region of interests include covering different aspects of technology and mixing them up with layman ideologies to pan out an interesting take. His main area of interests range from medical journals to marketing arena.