Visual Vibe general manager Mark Robinson (left) signs partnership agreement with Yello Media Group product manager Shane Morris.
Following the addition of an indoor screen, videoboard advertising company Visual Vibe Jamaica Limited is looking to significantly increase revenue as it forges new partnerships and seeks to expand its market share.
The billboard advertising company, a subsidiary of Tyrone Wilson’s iCreate Group, which was acquired in 2023, already operates around 13 outdoor billboards across various parishes.
“We have acquired a leading company in Visual Vibe that is already profitable and has blue-chip clients, but we want to accelerate the company’s growth whilst delivering even more value to our clients. We want to double our revenue over the next 12 months and part of that strategic initiative is the rollout of in-home advertising services, where we already have some key partnerships in place,” Wilson, who is also Visual Vibe’s executive chairman, told the Jamaica Observer on Thursday.
Wilson said the addition of indoor signage has great growth potential as a new business line that requires less capital investment. About 20 locations, including Courtyard by Marriott hotels and Chillin’ restaurants, which already have signs up, have signed up for the service, and Wilson said they plan to expand the service to about 50 locations islandwide.
“In terms of outdoor screens, we’re focused on further building the business to create more value and are currently upgrading some of these as well. We’ve just upgraded the screen on Knutsford Boulevard and will start work on Visual Vibe’s first screen, Half Way Tree, before the Olympics start next month,” he said.
Wilson said the company has so far spent $60 million on planned renovations and another $15 million to $20 million on indoor screens in preparation for capital expenditures.
“We plan to spend an additional $200 million on indoor and outdoor screens, which will involve raising additional capital. We are actively exploring fundraising options for Visual Vibe, and the decision on whether to do so privately or publicly will be made by our board of directors,” he said.
Visual Vibe, the group’s main revenue driver, is poised to become the centerpiece of the group’s operations after a series of disputes with parent company iCreate. The company currently generates annual revenue of about $160 million and profits of $60 million.
Following its recent partnership with Yello Media Group, interactive billboard company Visual Vibe has also begun supporting the marketing needs of small businesses. Leveraging Yello’s extensive small business network, Visual Vibe will offer these smaller clients the opportunity to promote their products and services on a larger platform.
Wilson believes the SME sector is an underserved area and with this new partnership, the sector will benefit from dynamic digital outdoor and indoor advertising packages tailored specifically to their businesses.
“We already have a strong customer base of large enterprises, but when we look at the usage of signage services among small and medium-sized enterprises, billboard screens are not as widely used. However, we have recently partnered with Yello to expand our reach, particularly targeting medium-sized enterprises,” the chairman said.
“Yello is one of the leading digital advertising companies in the region with a strong client base of both large and small businesses across the Caribbean. At Visual Vibe, we are aggressively expanding our operations and want to help SMEs establish a stronger presence and brand identity in the market across both outdoor and indoor screens, which is why we partnered with Yello,” he added.
With the transition from traditional static billboards to digital outdoor advertising continuing for more than a decade, industry statistics predict that this market will see significant growth globally, increasing from US$13.4 billion in 2022 to US$37.51 billion by 2032.
Meanwhile, Yello Media Group, noting that small and medium-sized enterprises play a vital role in driving economic growth and development in any country, has described the partnership as strategic and a win for its smaller clients, who often do not have the same large advertising budgets as larger corporations.
“That’s why we’re excited to partner with Visual Vibe to bring a solution to market that empowers small businesses to more effectively differentiate, connect, engage and grow their business with their target audience,” said Shayne Morris, product manager at Yello, in a notice about the partnership.
