Coca-Cola has called a global review of its media and creative agencies to the tune of $4b ($AU5.3b).
The drink and food behemoth is reportedly looking to consolidate its portfolio and cut marketing costs.
A Coca-Cola spokesperson said the global review will include all creative, production management, shopper and experimental marketing.
“We have decided to undergo a complete redesign of our media and creative agency models in an effort to align the strategic, operational and commercial needs of our new, networked organization,” the spokesperson said.
“This will necessitate a full review of our media and creative planning and buying practices, as well as our media and creative agency appointments and commercial relationships around the world.”
The reviews will be separate but coordinated, starting in the first quarter of next year. Coca-Cola said it plans to have a consolidated roster of agencies across media by the third quarter of 2021, and creative by January 2022.
While Coca-Cola did not reveal the name of the creative agencies taking part in the review, the global incumbents for media, including GroupM’s MediaCom, Interpublic Group’s UM (who hold the media account in Australia), Publicis’ Starcom and Dentsu’s Carat.
Coca-Cola wasn’t immune to the effects of COVID-19, with revenue down nine per cent in Q3.
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