In recent reports, it has been revealed that Clear Channel in France collaborated with McKinsey & Company to develop a new strategy after the company was acquired by its parent company, Clear Channel Outdoor Holdings. The goal of this plan was to drive growth for the company and increase its commercial market share in a growing market, which currently accounts for over 5% of its turnover. Additionally, the plan prioritized the return to profitability.
To achieve these objectives, Clear Channel would not only focus on printed advertising but also embrace the full range of digital forms, including social media platforms like TikTok and Instagram. The French subsidiary of Clear Channel Outdoor Holdings had already seen impressive growth in 2022, with a turnover of €245 million and presence in over 90 cities across France. However, with an enormous potential for growth in the French market and opportunities for investment in digital and new partnerships, Didier Quillot, senior advisor to majority shareholder Equinox, believes that Clear Channel is well-positioned for success.
Quillot also highlighted the great opportunity that will come with the upcoming 2024 Paris Olympics. With mobile, TV, and radio media available in digital form, which are cheaper and more effective at reaching a younger audience than traditional forms of media. Equinox acquired Clear Channel’s French business for €42 million last year. The company has since rebranded as Cityz Media.