Mastercard signs with WPP Media, ends 10-year partnership with Carat
Finance giant Mastercard has handed its global media account to WPP Media, in a move that will see it part ways with incumbent Dentsu’s Carat.
WPP Media will spearhead Mastercard’s media buying, strategy and planning operations for over 70 markets, including Australia and New Zealand. The win is a welcome relief for WPP, with the holdco suffering the loss of Mars and several other high-profile accounts this year, and downgrading its full year profit outlook.
Moving forward, Ogilvy will act as Mastercard’s global community management partner, and IPG’s McCann will stay on as its creative agency of record.
A Mastercard spokesperson said the finance organisation’s decision to sign with WPP was prompted by Mastercard’s plans to innovate its media partnerships to support more optimised business needs. It pointed to WPP’s data and AI capabilities and international footprint as reasons for its decision.
Brian Lesser, chief executive officer at WPP Media, posted about the client win on LinkedIn.
“This is a landmark win for our company that speaks to the momentum we’re building as WPP Media, the power of our integrated offer, and the value of the investments we’re making to give our clients an advantage in the AI era,” Lesser wrote in his post.
“We can’t wait to demonstrate what’s possible when you combine one of the world’s most trusted brands with the world’s best media talent and technology.”
Mastercard’s decision to step away from Carat marks the end of a decade-long relationship between the two companies. Carat won the former’s business in early 2014, taking it from then-incumbent UM.
The win is a bright spot in an eventful year for WPP. It officially retired its GroupM brand in May and launched the now-existing WPP Media.
In June, the holdco announced that its CEO Mark Read would be stepping down after a three-decade stint at the company. A month later, Microsoft’s chief operating officer for global enterprise sales and WPP non-executive director, Cindy Rose, was named as Read’s replacement.
The holdco’s Q2 performance was less than stellar, with its total revenue dropping by 10.4%. Its PR and creative divisions contributed to WPP’s overall performance, declining by 7.8% and 7.2%, respectively. WPP Media dropped by 4.7%.
Last week, it was found that WPP Media tied with OMG in Comvergence’s ranking as both companies acquired AU$2.3 billion in media billings.
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