Monday November 5, 2012 : MEDIA CORP LAUNCHES SOCIAL NETWORK DIVISION
Advertising arm in new deal
Media Corporation PLC, the owner of the now defunct Purple Lounge, has launched a mobile, digital and social network advertising service through a newly formed company named Media Corporation Social Networks.
The new offering will operate in conjunction with the company's advertising division Eyeconomy offering its customers a way to monetise their social media presence by maintaining controls on the commercial channels around the site.
Revenues generated will be split 50:50 between Media Corporation Social Networks and YZ UK Ltd, a franchisee of the YuuZoo platform and a partner in the venture.
Mark Butt, managing director of Eyeconomy, said: "Our relationship with YZ UK Ltd., the UK, USA and Australian franchisee, gives us access to incredible technology and growing audiences, and in return we are able to help their clients derive revenue from their social media presence."
Phil Jackson, Chairman, commented: "Social media and how to get it to make money has presented a challenge for brand owners, who invest significant amounts of money in advertising to acquire a customer, then direct them to a social network environment where they lose control of that customer and the commercial opportunities. Our new service meets that challenge and I believe offers a significant opportunity for us. Obviously, we see social media playing a significant part in the launch of Intabet."
Intabet has been over two years in development – at a cost of GBP 1.2 million, and is touted as a unique online betting platform differing from competitors in its ability to execute bets through multiple bookmakers with one Intabet account. Media Corp acquired the Intabet online betting platform for a GBP 1.53 million consideration payable by the issue of 152 719 840 new ordinary shares priced at 1p each in May of this year.
News of company growth and future collaborations will no doubt give little solace to the unpaid players of its failed Purple Lounge.com subsidiary.