vJive is all set to provide broadband digital out-of-home solutions at points of purchase. For this endeavour, the technology provider will be backed by Matrix Partners India with an initial investment of Rs 20 crore out of the agreed Rs 100 crore. vJive is mainly targeting malls and multiplexes where there is a clutter of brands and where it is necessary to catch as many eyeballs as possible for the brand to be noticed.
Speaking at the launch, Rajesh Jog, Co-founder and CEO, vJive, said, “We are delighted to partner with Matrix India for our funding and this financial backing will further accelerate our expansion plans. We conducted a pilot project at 3 Fame Cinemas across Mumbai and will now be extending to other cinemas across the country as well.”
vJive will be installing close to 2,000 digital screens by March 2007 across the various malls and multiplexes that the company has tied up with. The screens can be controlled through broadband connections from the main server located in the control room and each screen can be customised for its content. Along with the customisation possibilities, the company can also measure and track the traffic.
“In-store advertising always helps for the brands as it is the last point of contact for the brand with the consumer,” added Jog while explaining the benefits of their OOH solutions to the brands. Talking about the point-of-purchase static and signage industry, Jog sounded positive about its growth over the next few years from its present 10 per cent market share (Rs 2,400 crore) in the advertising industry.
Commenting on the investment with vJive, Avnish Bajaj, Founding MD, Matrix Partners India, said, “We are very excited about this association with vJive. The OOH market is fragmented and with the retail expansion happening, this will be big in the near future.”
Talking on the revenue streams and business model of the company, Jog said, “We might share revenues with the stores or multiplexes for the placement of screens. The source of revenue will be from the advertisers who will get a great ROI.”