Group M agencies to centralize budgets starting 2024

Group M, a member of the WPP conglomerate, has revealed that starting in 2024, its agencies EssenceMediacom, Wavemaker, MSix & Partners, and Mindshare will no longer manage their individual budgets.From the outset, Group M has consistently operated under a country-level profit and loss model. However, a significant change is underway, marking the first instance where budgets and resources will be assigned on a country-by-country basis. Christian Juhl, the Global Chief Executive, recently announced this transformation within Group M. Under the new structure, agency heads will maintain their responsibility for client growth and profitability, but they will now have additional time to concentrate on strategic initiatives and the creation of efficiencies across the entire group.Since assuming the role of CEO in October 2019, Juhl has been dedicated to streamlining Group M's operations, aiming to transform the group into something resembling a software company. In this envisioned structure, technology is centralized to provide individual agencies with improved access.As part of the restructure, EssenceMediacom (including EssenceMediacom X in the UK) will be established, and Group M's global performance marketing division, Nexus, will undergo reorganization into two distinct groups: expert practices and media solutions. These changes are intended to provide support to the client-facing agencies.It's noteworthy that Group M's restructure aligns with a similar process undertaken by rival agency Publicis Groupe, which has also transitioned to a model where the UK serves as a platform for divisions across Europe.

Myco announces appointment of EssenceMediacom as AOR

Myco, a web3 video streaming, production, and distribution company, has announced the selection of EssenceMediacom by GroupM as its official global media purchasing and planning agency. By this cooperation, Myco will be able to take use of EssenceMediacom's media planning and buying skills to strengthen its brand and increase its global reach. Additionally, it will help Myco expand its market share and reach a larger audience, solidifying its position as a top brand in web3 video streaming, funding, production, and distribution.Myco is a distinctive platform that gives viewers and artists alike authority because it is a completely decentralised video ecosystem. While content creators make money by producing it, viewers make money through watching it. Within a completely decentralised ecosystem, the platform allows live monetisation, crowdsourcing, gating NFTs, and fractional ownership of content. Myco also offers AVOD and will shortly introduce SVOD and FAST capabilities.In addition to the recently launched live sports with Watch & Earn mechanism, Myco has seeded, funded, and curated more than 50 film and TV productions over the past year through its self-sustaining ecosystem.The Myco platform currently has over 100,000 user-generated videos, 500 top content creator channels, and around 1.5 million registered users from around the world. Additionally, it offers premium exclusive content as well as a selection of original film creations (MyOriginals). The platform is powered by its own native cryptocurrency (MContent), which is traded on several exchanges and is accessible on the BNB Smart Chain (BSC - BEP20).