Last Minute Media, the owners of www.lastminuteinventory.com, an online media trading exchange, marked September 2009 as a “milestone”, as the portal transacted media worth Rs 10 crore during the month.
Sandeep Goyal, Chairman, Last Minute Media, said, “This is a significant milestone for us. This success has taken some time coming, but our September performance firmly underlines that ‘last minute inventory’ is an idea whose time has come. The quantum of transactions is not humongous, but it is large enough to signal mass acceptance of the concept and the portal.”
He informed that going forward, lastminuteinventory.com would be enhancing inventory available in digital, OOH, events, mobile as well as emerging media like DTH, broadband, IPTV and HITS.
Elaborating further on the September performance, Goyal said, “At a macro level perhaps the festive season has enhanced overall demand. But the volumes are happening because a larger number of media owners are putting up quality inventory, coupled with more buyers on the site. More value creation automatically has catalysed more demand. Both sellers and buyers are finding greater benefit on lastminuteinventory.com, hence the surge. This has led to this Rs 10 crore figure transaction in September 2009.”
www.lastminuteinventory.com was announced in end 2007 but went commercial only in the early part of 2009. “When you are evangelising an idea as disruptive, yet as simple as Last Minute, it takes a lot of time to create a commercially viable and alive ecosystem,” Goyal said, adding, “We have gone through huge learnings in configuring the product, smoothening the user interfaces, assuring all constituencies on transparency as well as security, and building overall confidence in the concept and the product.”
The portal today has inventory from over 80 media owners, including the likes of The Times of India Group, Hindustan Times, the India Today Group to most of Zee’s channels, Discovery and radio players like Radio Mirchi. The list of direct clients, too, today exceeds 50.