TfL launches search for new advertising partner
Transport for London (TfL) has today launched one of the world's largest advertising opportunities as it begins its search for a partner to oversee its advertising space and develop new advertising technology across its transport network.
The move is part of TfL's commercial approach to maximise its assets to generate £3.4bn in non-fare revenue. These revenues will be reinvested back into the transport network, delivering improved services for customers and users.
For the first time, TfL is combining advertising in a single contract across London Underground, London Overground, Tramlink, Docklands Light Railway, Victoria Coach Station and once it is operational, Crossrail.
TfL has the largest out of home advertising network in the Capital and its transport network supports over 30 million journeys every day. With 270 London Underground stations, 83 London Overground stations, 45 DLR stations, 39 Tramlink stops, 14 million customers at Victoria Coach Station and 40 Crossrail stations, the successful partner will be able to offer lucrative advertising space at stations with an audience of over 1.5 billion each year.
Graeme Craig, Director of Commercial Development at TfL, said: `Advertising is at the centre of our plans to innovate in order to raise revenue that we can reinvest in London's transport network.
`We know that commercial media will change dramatically over the next few years, and we want TfL and London to be at the forefront of that revolution. We have huge footfall on a daily basis and the best assets in London, and are keen to find a partner who shares our ambitions.'
Advertising has changed dramatically over the past decade, and TfL wants to form a partnership that can adapt in changing times which, over the new contract term, will see the market and technology evolve even further along with London's growing population.
Interested partners are invited to visit www.tfl.gov.uk/london-audience where they will find more information and have an opportunity to attend a briefing day before being formally invited to submit their bids.
TfL expects the process to be completed by April 2016 with the appointed partner being in post by 1 October 2016.
- The current advertising contract on the LU network is being managed by Exterion Media.