New Zealand is the world’s biggest economy but its advertising industry is struggling to keep up with the demand.
The biggest advertising deal of the year came from advertising giant AIG, which spent $3 billion on ads in New Zealand in March and April of this year.
But its deals with major media outlets have also been struggling, with the major media companies declining to take a lead role in promoting their content.
This has left advertisers like MediaWorks in New York City looking for new opportunities to fill the gap.
Last month, MediaWorks said it would be taking on a new digital advertising platform, with a new ad-buying service called AdShare, which will let advertisers bid on ad space on the New Zealand public transport network, Auckland Transport.
While MediaWorks is the largest player in New Zeland, it said it will also be exploring the possibility of a new media company.
The news comes as New Zealanders grapple with the impact of a severe drought and the lack of snowfall on public transport.
MediaWorks said AdShare is one of the largest advertising deals in the country and will help expand the company’s advertising sales, with an estimated $20 million in revenue and $10 million in cost savings by the end of the fiscal year.
Media Works Chief Executive Chris Cramer said the company was also considering other new digital and social media-related ventures in the coming months.
“This is just one more way we’re working with the community to be a more connected, engaged and engaging brand,” Cramer told Business Insider.
“We’re really looking forward to having the opportunities to partner with other advertisers, and I think the people who are working with us on the AdShare platform are really excited about it.”
The company is the first of a number of advertisers looking to get into the advertising market in New Ireland.
In February, a New York advertising agency launched its own ad platform called DigitalAds.
In July, a group of local and national media companies announced they were looking at a similar venture.
Last week, Mediaworks announced it was partnering with a leading advertising agency in Ireland to bring new advertising opportunities to New Zealand.
In New Zealand, there is also a new advertising company called New Zealand Media Group, which was founded last year by a group led by AIG CEO Bob Mansfield.
MediaWorks acquired the agency earlier this year, which is based in Dublin.
In January, the New Zemenetan government announced that New Zealand had overtaken Ireland as the country with the highest number of advertising companies, with nearly 20.