Madison is set to launch a second agency by the last quarter of 2008. Christened Platinum Media, the new agency would be headed by Basabdatta Chaudhury and headquartered in Delhi. Chaudhury is currently CEO of Madison Media Plus. The development has been confirmed by Sam Balsara, Chairman and Managing Director, Madison Communications.
Explaining the reason behind launching a second agency at this point of time,
Balsara said, “The main reason for starting Platinum is to enable our vast and experienced talent pool to grow within Madison World and take on more independent
responsibility. It will also enable us to handle competing business.”
When questioned on the mandate for the new agency, Balsara replied in a cryptic fashion. All he said was, “It will be no different than what it is for Madison Media.”
Besides Platinum Media and Platinum Outdoor, which was launched last year, Madison World has 20 units across 10 specialised functional areas, including media, outdoor, creative, sports, PR, retail and mobile, among others.
So what will be the relationship between Madison Media and Platinum Media, will they compete with each other? Balsara clarified, “Some backend resources like finance/ accounting and systems would be common. Both the agencies would compete in some ways and not compete in many ways.”
Starting April 2008, Madison Media has picked up businesses worth Rs 325 crore. It has won the media mandate for IndianOil, Max New York Life, Spice Jet, Bharti AXA Mutual Fund, Bharti AXA General Insurance, Bharti Retail and Bharti DTH.
Madison Media picks up a whopping Rs 325 cr worth of new business in four months