The review process for Transport for London’s (TfL) outdoor advertising contract has begun. The new contract, set to take effect by 1st October 2016, will combine the ad sales for the Underground, the Overground, the Tramlink, the Docklands Light Railway (DLR), Victoria Coach Station and Crossrail.
In 2006, Viacom Outdoor, now known as Exterion Media, won the £800 million contract to handle the outdoor ad sales. TfL claims the new contract will deliver an annual audience of 1.5 billion across 270 Tube stations, 83 stations on the London Overground, 45 DLR stations, Tramlink’s 39 stops, Victoria Coach Station and the 40 upcoming Crossrail stations.
The move is part of TfL’s wider strategy to make the most out of the commercial opportunities on its estate, which have included tailoring the retail opportunities offered in the areas in which the station is situated.
TfL is planning to appoint a new partner by April next year.
Graeme Craig, Director of Commercial Development at TfL, explained:
“The company wants to move from the current minimum guarantee model to a partnership that will help it evolve so its assets are at the forefront of the commercial media revolution.”
Jason Cotterrell, the UK managing director at Exterion Media, said:
We’re really excited that the moment we’ve been preparing for is almost here. Transport for London has an inspiring vision for the Underground and their wider asset base that we’re already delivering on.
Game-changing innovations such as DX3, which we’re launching in the coming months, will transform the tube and commuter experience, and present amazing opportunities for the industry going forward. We’re proud to be leading this revolution as we engage with TfL during the bid.