Bright Outdoors Wins Contract for Mumbai Monorail
OOH agency Bright Outdoors has won the advertising mandate for the Mumbai monorail (Line 1) project. Currently in the first phase, the Mumbai monorail extends from Chembur to Wadala. Yogesh Lakhani, MD of Bright Outdoors, informed us that the exclusive contract is for 5 years and includes 400 Unipoles worth 26,000 sq. ft., 7 stations worth 25,000 sq. ft, as well as full branding rights for trains and the platforms.
MMRDA had been looking for an agency to handle the advertising responsibilities for monorail since September 2013 but agencies had been put off by the high asking price of the initial upfront annual premium and the relative under developed nature of the area. It has been learnt that apart from Bright, only one other agency had participated in the bidding process.
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However, Lakhani is confident that there is a lot of potential in the project. “The area is developing rapidly with new builders starting projects. Also, the monorail is a completely new media property so it will generate interest, especially since there is no other outdoor inventory in the stretch,” he said.
The initial upfront annual premium set by MMRDA was in the region of Rs 7 crore per annum (including both platform and piers). After seeing a lack of interest, this amount was reduced to Rs 5 crore p.a. and then to Rs 3 crore p.a. (as it currently stands). Lakhani would not give a figure but he said that the amount finally paid was lower than this.
“Since this is a new property, we will have to spend at least an year developing it but we are confident it will be a success,” said Lakhani. Work on the monorail project has been progressing quickly and the line is expected to extend up to Jacob Circle in Mahalaxmi within a year. Though Bright will not get an automatic extension, Lakhani said they would still have rights for the trains plying the route and were also in talks for getting rights to the extended route.