Contrary to common belief, traditional media is still alive and well and tops digital advertising in terms of total budget utilization. TV ads, billboards, and radio advertising still remain extremely strong channels, especially when looked at in a global context. In fact, Out of Home (OOH) advertising revenue increased in 2017 to over $7.7 billion in the United States alone.
Despite these figures, the traditional media buying industry is rife with problems. Fraud is rampant in developing countries, middle-men complicate the process, and there is an overall lack of transparency. Thankfully, one company with a proven track record in the space is out to solve these issues.
Meet ADBIT. ADBIT is developing a marketplace that will allow media buying to be safe, fast, and transparent for all parties involved. They do this by utilizing smart contracts and blockchain technology in an industry that still largely uses excel spreadsheets and outdated technology to facilitate transactions.
ADBIT CEO and Co-Founder Aaron Monks explained more about the project, his history in the industry, and how a mascot Kangaroo named Skippy stole the show in Las Vegas a few weeks back.
1. Tell us a little bit about yourself. How did you get started in blockchain?
I started building a turnkey agency automation software platform called CIINCH several years ago, and late 2017 when mainstream media started focusing a lot more on ICO’s I investigated the hype around them and took a deep dive into the space.
What I quickly discovered is that what I was building was perfectly suited for blockchain and Smart contract tech, as essentially our business is one of a trusted third party. What blockchain allows us to do more than anything else is to automate processes that are currently manual and plagued with inefficiencies in the industry.
2. What was your inspiration behind ADBIT? How did it all start?
I started the ICO process in early 2018 and have been curating the right team of advisors and team members to help us achieve success for our project. Our inspiration has always been automation and creating a new way for traditional media to trade.
Our inspiration is seeing the rise of digital advertising via platforms such as Google and Facebook and creating a platform that will enable advertisers to buy traditional media in a trustless marketplace that can trade 24/7, 365 days a year.
In 2016, when we began work on CIINCH, which is an agency automation software platform, and in early 2018 we decided to create ADBIT, which will be the atomic unit of value used to buy and sell media on our the CIINCH Media Marketplace.
3. What is your competitive advantage?
We are independent and can move a lot quicker than our competitors. By being independent, we can understand the challenges faced by the other agencies in our same position.
In the global media landscape, there is approximately $530 Billion worth of media assets sold each year. Of that amount, the independents and direct clients make up the majority of the media assets sold each year ($460 Billion).
4. What is the biggest problem currently in the market?
The lack of transparency, lack of automation, and the inability to buy traditional media assets in one central location due to the fragmented nature of the business.
5. What does 2018 have in store for you guys?
We have a huge year planned. From working with a select group of independent agencies as well as media providers, we plan to disrupt the traditional media space so that it is better for everyone.
Our plan is to create a software platform that will enable agencies to work with us on an open source model, allowing jurisdictions that have very specific requirements to create and publish their products and to promote better media buying practices.
In addition, we hope to assist the crypto community with further adoption and education of the space by accepting any approved liquid cryptocurrency as a form of payment for traditional media assets that will help these newly formed ICO projects to build their brands. The major brand in Crypto at the moment is Bitcoin, but there are so many amazing projects that the world simply knows nothing about due to the lack of mainstream media attention. We hope to help these brands build a presence by placing them in the best traditional paid spots available, such as major airports and big impact locations such as Times Square, Shibuya Crossing, and Piccadilly Circus.
6. Is there anything else you would like the world to know?
Our core group of founders are disruptive in nature, and we don’t like to follow the path made by others, rather we like to create our own and leave a trail for others to follow.
We recently placed a branded t-shirt on a kangaroo (Skippy) at a Vegas boxing event that received massive mainstream exposure when the 6-time former World Champion Jeff Fenech was being interviewed by major networks.
This is just a glimpse into how we plan to promote ourselves and our brand.Opinions expressed here by Contributors are their own.