Since the emergence of local boy band MIRROR, Hong Kong advertisers across all industries have shelled out big bucks for MIRROR-themed advertisements. According to a report by Admango, ad spend on Instagram reached HK$126 million and saw a 59% year-on-year increase in May 2022.
In terms of highest ad spend on Instagram branded content (Q2 2022), boy group MIRROR had four members ranked in the top ten, including Anson Lo ranked first, Keung To, Edan Lui and Ian Chan ranked fourth. , fifth and ninth. respectively. Local singers Hins Cheung and Sammi Cheng placed second and third.
Until the second quarter of this year, MIRROR led ad spend in terms of ambassador endorsements, said Ken Cheung, Chief Digital Officer of KREW Digital. Not only does the group have a very positive image, but their fans are also digitally savvy, which would make the ad creation even more viral, Cheung explained.
A greater impact on the economy
The outbreak of the COVID-19 pandemic since the beginning of 2020 has also dealt a severe blow to global and local economic activities. This saw Hong Kong’s economy shrink by 1.4% in the second quarter of 2022, compared to the same period last year. The continued impact of the fifth wave of coronavirus has pushed the city into a recession, according to preliminary data released by the Census and Statistics Department on August 1, 2022.
Despite the shrinking economy in Hong Kong, tThe economic circle of fans created by local boy bands and other singers has indeed energized the entire advertising ecosystem, said Florence Kong, founder and CEO of We Glow. Kong also added that many advertisers who were once silent due to the pandemic have now started to be more active again – and the choice of influencer route is often common in Hong Kong.
Commenting on the trend, another ad industry person speaking on condition of anonymity said that while advertisers are more willing to spend on KOLs, there may be downsides for the agencies involved.
“The downside of this can see more marketing budgets being spent on KOLs at the expense of production budget. So even if advertising spend increases, it doesn’t necessarily mean a higher profit margin for agencies,” the company said. source.
Does the accident at the MIRROR concert have an impact on commercials featuring the boy band?
More recently, the beloved boyband made headlines when a large screen fell and seriously injured one of the dancers during their concert. Soon after, companies such as Moov canceled themed gig-related events and McDonald’s Hong Kong, one of the boyband’s biggest spenders, was seen removing its banners with the phrase “Mirror Good Show”.
The unnamed source said the incident would definitely impact MIRROR’s ad spend, causing ad spend to shift to other well-known artists. “ViuTV is very likely to suspend some of the activities of the artists, directly interrupting the marketing promotion plans with MIRROR of the advertisers as well. Advertisers also may not have the patience to wait for the boyband and may need to research other celebrities or KOLs or YouTubers,” the source said.
On the other hand, other industry players felt that the impact of the accident on the boy band’s image was very minimal. KREW Digital’s Cheung said that while the focus of the campaign could be expected to shift from MIRROR at this time, it would be a temporary way to avoid controversy or sensitivities felt by the public.
“By mid-August, we’ll likely see advertisers roll out one or two sets of MIRROR creatives to test the water,” he said. If the market accepts them, a full launch of the campaigns is unlikely to be far away. the accident could also reduce MIRROR’s bargaining power, which could attract more advertisers. “The budget is expected to return to normal by the middle of the third quarter of this year,” Cheung said.
Agree with Cheung, it was Kong from We Glow, who said tthat some advertisers might adopt a wait-and-see attitude. “I think as long as MIRROR members can continue to create good songs, movies and TV content, after the incident subsides, there are still many advertisers in the market who are interested in collaborating with MIRROR or local artists,” Kong added.
Hong Kong authorities tighten event safety rules and use of mechanical devices after MIRROR incident
The production company denies any involvement in an accident at the Mirror concert