Yahoo has launched a global review of its traditional and digital media account currently split between WPP Group's Mindshare and Neo@Ogilvy.
It is said that both incumbent agencies have been invited to defend their agency-of-record status but no contenders have yet been confirmed.
In Asia, the online giant works with Dentsu, Grey, G2, Isobar, Mindshare, OMD and PHD. According to Media's Top 1000 brands report, the media account is worth US$14 million in ad spend.
Yahoo has recently been struggling in the face of competition in the digital and search arena, from competitors including Google, and, in the social media space, from competitors such as Facebook. At the end of last month, Yahoo!'s second-quarter results showed a 51 per cent increase in net income, but ony a 2 per cent rise in revenues from the same quarter the previous year, disappointing analysts.
The US company's worldwide revenue reached US$1.6 billion, while net income came in at US$213.3 million.
In November last year, Yahoo rolled out the localised version of its US$100 million global 'It's Y!ou' campaign in Hong Kong with the aim of maintaining its dominant position in the market and promoting its revamped portal and communications functions. The campaign was met with criticism, especially in the US, where audiences did not fully grasp the ad’s concept. The mixed reaction to the original ad reportedly prompted Yahoo to appoint Omnicom’s US-based agency Goodby, Silverstein & Partners to lead its creative, digital and planning initiatives, assuming duties that were largely handled by Ogilvy.
In a recent interview with Elisa Steele, Yahoo’s EVP and CMO, she said the next phase of campaign looks to fill in the blanks left after ‘It’s Y!ou’.
