The whole modern process of advertising has received a lot of criticism lately from both service providers and customers, aimed at its current convoluted nature and ineffectiveness. Blockchain appearing on the scene all of a sudden provided hopes for a better and more transparent advertising supply chain.
In light of that, Mediaocean, one of the largest media software companies in the world, partnered up with the blockchain-based online advertising company Amino Payments to provide the first fully transparent media supply chain.
The joint venture aims to put back control over advertising campaigns into the hands of individual marketers and agencies, allowing them to micro-manage their campaigns end-to-end.
“Mediaocean is continuing to innovate with partners like Amino Payments to empower marketers and agencies to plan, execute and measure global cross media advertising,” said Ramsey McGrory, CRO, Mediaocean. “Delivering programmatic media supply chain transparency inside the financial and contractual workflow has been one of the top requests we’ve received as we’ve innovated with blockchain. The partnership with Amino Payments will help us to deliver this.”
Mediaocean had already been invested into researching blockchain and its applicability in the digital advertising sector, successfully executing a pilot program and deploying a media supply chain blockchain network between 2018 and 2019.
The blockchain network consisted of a “consortium of eight major brands, their agencies representing five global agency holding companies, and select technology partners”.
The pilot recorded more than $670 million in media budgets, capturing key contractual transactions across the media buying lifecycle.
Reverting back to the partnership herein, Amino Payments will complement Mediaocean’s Media Finance, Auditing and Capital Management applications by providing supply path data written on to the blockchain.
This data will be available to brands and agencies, who can use it to generate various reports, helping them improve advertising campaigns.
“Amino Payments’ mission is to bring financial transparency to digital advertising,” said Will Luttrell, Amino’s Founder and CEO. “By combining Amino’s impression-level cost analysis and supply path optimization tools with Mediaocean’s cross media management solutions, marketers will have complete and detailed visibility of their programmatic buys from purchase order to payment execution. This is a huge win for our mutual advertiser and agency clients seeking to make the most of their media dollars.”
The integration between the two companies is expected to be completed by the end of Q2 2020.