Online advertising firm 24/7 Media, Inc. (NASDAQ: TFSM) this week expanded its European division, announcing 24/7 Suomi, a new Finland-based operation that will advance online marketing and e-commerce in the region.
The new operation will provide e-commerce and direct marketing opportunities, along with online advertising and sponsorship. Resources from the company’s other divisions, including 24/7 Asia, will additionally be made available, creating an international environment “with locally tailored solutions.”
E-Commerce for Finland
According to the company, “24/7 Suomi will be Finland’s only online ad sales network that is a fully integrated, wholly-owned part of an international network, able to offer complete global services to Finnish advertisers and Web sites.” The New York-based firm will be expanding upon its current operations that include online holdings in 12 European countries.
“With growth of the online advertising market expected to reach 100-150% annually in Finland, this is a great time to be involved in the industry’s development,” commented Mark Burchill, worldwide business development senior vice president for 24/7 Media.
Burchill added that “with professional staff, strong co-operation from our partners and by drawing on the experience and support of the entire international 24/7 organization, we anticipate that 24/7 Suomi will become the leading online advertising company in Finland by the end of this year.” The company hopes that its Finnish expansion will add to its existent momentum in the expanding European online market.
Internet Free Europe
Estimating that the online advertising market in Europe will hit close to $485 million (US$) by the close of 1999, 24/7 additionally sees it rising to $1.65 billion by 2001. By 2004, the market could pass the mark of $5 billion. 24/7 Europe currently represents and maintains over 100 Europe-based Web sites.
According to am eMarketer report, there will be some 84 million Internet users in Europe by 2002, “making Europe the second largest regional market after North America.” eMarketer predicts that e-commerce revenues will subsequently hit $179.5 billion in 2002, increasing to $358 billion by 2003.
About 24/7 Media
With offices in 28 cities in 15 countries, 24/7 Media runs global online advertising and direct marketing networks, providing online media sales services to advertisers and Web publishers. The company also owns and operates — among its various holdings — 24/7 Profilz, an “online co-op database of Web user profiles used to deliver targeted online banner and email campaigns.”