Laqshya Media, a Mumbai-based independent outdoor media player, has embarked on a restructuring exercise. The eight-year-old outdoor media agency with billings of over Rs.45 crore in 2004-'05 plans to create specialised divisions for Media Planning and Buying, its media ownership business, events and promotions, and retail solutions. In the previous financial year, its billings were close to Rs.26 crore, according to Satish Singh, COO, Lakshya Media.
Speaking to exchange4media, Singh said, "What started as a four-person agency is today a 55-member strong team with 10 full-fledged offices across the country. We are looking at increasing the number of offices to 13 or even 15 in the next two months. We are moving in to cover Ahmedabad, Lucknow and Indore in this period."
The outdoor player started as a media agency and later diversified into media ownership. It's clients get a preferred status on all media owned by the company. The substantial growth of the agency's top line billings has resulted in the need to restructure the businesses as separate divisions, said the spokesperson. The agency division is to be known as Outdoor Media Integrated (OMI), and the media ownership division has been named Laqshya Outdoors.
After the restructuring, the company's Events and Promotions division will be called 3D and Retail solutions division will be named Signergy. Each of the divisions is to operate as a separate business unit. The agency presently handles clients including HDFC Standard Life Insurance, HDFC Bank, Zee Group, UDV (Johnywalker, Smirnoff & B&W), TV Today Network, Platinum Guild International, Arvind Brands and Shoppers' Stop.
Singh said, "I think we have had the lowest attrition rates in the industry. More than anything else, it is the team which has stuck together and their dedicated efforts that have resulted in the company's growth."
He said that the company's existing planning tools were robust enough to meet clients' requirements. The company is currently engaged in developing another planning tool, and this should be operational in a couple of months.
While Laqshya Media already serves clients in more than 338 cities, Laqshya Outdoors has acquired prime outdoor media properties in eight cities, and is looking to cover the top 50 towns in the next three years. With the expansion, it hopes to become the 'largest quality media owner' in the country. It already claims to be the largest independent outdoor media company in India, in terms of top line billings.
Laqshya Media has earmarked an investment of more than Rs.50 crores over the next three years. The spokesperson also said that the focus would be on achieving a net turnover of over Rs.200 crores at OMI by the end of this period.