ZEE Entertainment Enterprises Ltd. (ZEE) has invested in Kyoorius Creative Awards – the advertising awards run by Kyoorius Communications Pvt. Ltd. With this ZEE will fund 75% of the entry cost, amounting to be Rs 3.3 crore. Further, the creative awards will now be a jointly owned property of ZEE and Kyoorius, however, the details are yet to be finalised. “The idea was to open the awards for more regional and small advertising agencies as well as advertisers. Talent needs to necessarily come from just large agencies, and this has been proven time and again. This initiative will not only allow us to find new talents, but there will also be a rub-off effect in terms of reaching out to regional advertisers,” Punit Goenka, MD and CEO, ZEE and president, International Advertising Association (IAA).
As for Kyoorius, with this, the company is looking at a 40%-45% increase in entries. Off this, it expects 15% entries from smaller agencies and another 15% from regional agencies – that is about 300-400 entries. “At an organic level, the awards every year post a 10% increase in entries. This year, with this initiative, we expect the entries to increase. We will at the same not increase the entry cost for the next two years,” Rajesh Kejriwal, founder and director, Kyoorius.
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On average the cost of entries is Rs 15,000. Of this Rs 11,000 per entry will be paid by ZEE and the remaining Rs 4,000 will be paid by agencies. For Goenka, the move will help in establishing deep connections with both the advertising fraternity and advertisers. “But it will not help in increasing ad revenue, immediately,” he noted.
Kyoorius claims that in the last two years the number of entries has increased from 1,928 to 3,000, besides an increase in the number of agencies from 187 to 329. According to Kejriwal, the property is a profitable venture and generates 30% of its revenue from sponsorship and the remaining 70% from entries. The property includes sponsors such as ABP News. However, with ZEE coming in as a key partner, it has lost Viacom18 as one of its sponsors. So far, McCann is the only agency that hasn’t participated in the awards, stated Kejriwal. Kyoorius will be held on June 5, 2020 in Mumbai.
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Source: Financial Express
