GroupM picks PayPal global media duties
By Abimbola Mohammed
GroupM, the global media planning and buying agency, has been awarded the business of the global online payment system PayPal after a final review.
According to agency research firm COMvergence, PayPal spends an estimated $130 million on measured media annually according to including $100 million earmarked for digital in the U.S.
Havas previously handled parts of the European business. Media.Monks, iProspect and Spark Foundry also worked on parts of the business.
GroupM is mostly made up of the big three media agencies EssenceMediacom, Mindshare and Wavemaker which are currently being moulded into a more simplified operating model targeted at creating back office efficiencies. PayPal has clearly bought into the narrative.
PayPal was drawn to the WPP agency’s approach to full-funnel performance marketing using data and analytics tools to reach businesses and consumers wherever they are, PayPal Chief Marketing Officer Leanne Sheraton said in a statement.
“With over 431 million active accounts globally, our customers’ needs and behaviors are changing quickly,” Sheraton said. “Together, we will partner to grow PayPal from an online payments leader to reimagining the many ways PayPal will empower our customers to thrive in the global economy.”
PayPal’s budget was more than £90 million last year, although tech spend overall is shrinking 13% down in Q3 for WPP. Meta, worryingly, announced another 24% cut in marketing budgets this week despite revenues up 23%.
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