Online marketplace Bid4Spots has arrived in the UK, and reports from the first auction have been favourable. The company has been operating in America for over 2 years and now plans to turn unsold airtime into cash for UK radio stations.
A live auction takes place each Thursday morning, where radio stations compete for advertisers’ pounds and bid against each other. "Advertisers and agencies gain simple access to radio spots at competitive rates. Broadcasters get an easy, flexible way to sell last minute airtime, increase revenue and attract new advertisers, providing a win-win situation for everyone," according to the station website.
Paul Mitchard, previously the Head of Commercial Scheduling for GCap Media, has been appointed to manage operations: “It’s great that the first ever auction went to plan and was a big success. The UK radio industry has been really supportive in getting behind this new initiative and there was some furious bidding from the radio stations this morning, it was brilliant to watch. “Advertisers have shown a lot of interest as well and it’s great we are underway” said Mitchard.
The Westminster Adult Education Service was one of the first advertisers to use the new system. Their Marketing Manager, Irene Watt said: “We were really excited to be part of the first auction. It’s a great way for us to support our current campaign and get some last minute action. The Bid4Spots process was really simple and extremely cost effective.”
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