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Bid4Spots held its first reverse auction for radio airtime in the U.K. last week, at the request of U.K. commercial broadcasters, who evaluated various electronic platforms and chose Bid4Spots for its “innovative approach to selling inventory,” according to the company.
Bid4Spots is run in the U.K. by Auction Media. Paul Mitchard, previously the head of commercial scheduling for GCap Media, manages operations.
The value of the UK radio market is estimated to be 700 million pounds. The relatively young industry – commercial radio began there in 1973 – attracts about the same percentage of advertising budgets as radio does in the United States.
The Westminster Adult Education Service was one of the first advertisers to use the new system. The U.K. auctions will take place every Thursday morning at 10 a.m.
Launched in 2005 for terrestrial radio here in the United States, Bid4Spots also has successfully adapted its reverse auction model for the emerging internet radio sector.
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