Nike is reportedly conducting a full review of its media accounts, inviting a host of major ad and media agencies to compete for their portion of around $1 billion.
The process, which Nike hasn’t conducted at this scale in more than 10 years, is only just beginning and is expected to run until spring.
Nike uses a variety of agencies across different global markets, each of which will have to justify its role as a partner of The Swoosh. Jordan Brand’s media is also up for review, but Converse‘s is not.
- Nike has requested information from GroupM, Omnicom Media Group, Dentsu Media, Publicis Media, IPG Mediabrands, Stagwell Media, and Havas Media. Requests for proposals are expected to begin next year.
- Nike’s ad and promotional expenses reached $3.1 billion in fiscal 2021, down 13% year-over-year due to pandemic-related cutbacks.
- Of that sum, $245 million was spent on media, according to research firm COMvergence, primarily in the Asia Pacific region ($120 million) and North America ($95 million).
Metaverse Ambitions
Nike is looking more toward digital environments to build its brand: On Monday, it announced the acquisition of NFT fashion and collectibles maker RTFKT.
Last month it launched Nikeland, a virtual space within Roblox in which users may play games, check out products, and socialize.
