Bid4Spots Holds Successful First UK Auction

. September 18, 2007

Bid4Spots (http://www.bid4spots.com) held its first reverse auction in the United Kingdom on Thursday, Sept. 13 – the first of its kind in the UK.

Bid4Spots built this reverse auction marketplace for radio airtime at the request of commercial broadcasters in the UK, who evaluated various electronic platforms and chose Bid4Spots for its innovative approach to selling inventory. Bid4Spots is run in the UK by Auction Media. Paul Mitchard, previously the head of commercial scheduling for GCap Media, manages operations.

“It’s great that the first ever auction went to plan and was a big success,” said Mitchard. “The UK radio industry has been really supportive in getting behind this new initiative. There was some furious bidding from the radio stations this morning – it was brilliant to watch. Advertisers have shown a lot of interest as well, and it’s great we are underway.”

“Once again this validates the success of our model – using a reverse auction marketplace to facilitate the buying and selling of last-minute radio airtime,” said Dave Newmark, Bid4Spots founder and CEO. “It’s overwhelmingly embraced by both buyers and sellers, here and abroad.”

The Westminster Adult Education Service was one of the first advertisers to use this groundbreaking new system. Its marketing manager, Irene Watt, said: “We were really excited to be part of the first auction. It’s a great for us to support our current campaign and get some last-minute action. The Bid4Spots process was really simple and extremely cost effective.”

The value of the UK radio market is estimated to be £700 million. The relatively young industry – commercial radio began there in 1973 – attracts about the same percentage of advertising budgets as radio does in the United States. By creating a more effective way to connect buyers and sellers, Bid4Spots will help what is still an emerging market maintain its position and compete in a rapidly changing advertising landscape.

The UK auctions will take place every Thursday morning at 10 a.m. Advertisers can sign up at www.bid4spots.co.uk.

Launched in 2005 for terrestrial radio here in the United States, Bid4Spots also has successfully adapted its reverse auction model for the emerging Internet radio sector. On June 5, the company announced the launch of the eBay Media Marketplace for Radio, powered by Bid4Spots.

About Bid4Spots

Based in Encino, Calif., Bid4Spots (http://www.bid4spots.com) transforms the often ineffective process of buying and selling last-minute radio spots with the industry’s first CPM-based reverse auction. The company also powers the eBay Media Marketplace for Radio. Created by ad agency veteran Dave Newmark, Bid4Spots leverages the Internet to offer a flexible, fast solution that increases radio stations’ revenues by helping them leave no daypart unsold, while broadening access to radio airtime for advertisers willing to forego the selection of specific stations and advance planning, in return for much lower ad rates. Bid4Spots facilitates reverse auctions for buying and selling advertising for both terrestrial and Internet radio, in the United States and the United Kingdom. Bid4Spots UK (http://www.bid4spots.co.uk/) is run by AuctionMedia, which is being advised by UK radio advertising specialists RadioWorks

Category: Auction News

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