What: Foursquare will work with IMS Internet Media Services (IMS), to expand its reach and scope in Latin America.
Why it matters: With this move, the mobile application Foursquare, which according to the company is used by more than 50,000 developers to add locations to their applications, enters the Latin American market.
IMS Internet Media Services (IMS), has been selected by Foursquare as their exclusive advertising sales partner in the Latin American region, expanding the reach and scope of Foursquare’s advertising tools to new markets in 2014.
Foursquare is a free mobile application that helps you see where your friends are and track them. More than 45 million users have joined Foursquare since 2009, according to company data.Foursquare’s products give brand marketers the advantage of being only charged on a Cost-Per-Action basis, or when a user either interacts with an ad or checks into a specific venue within 72 hours upon seeing that ad. Even more, engagement rates for Foursquare outpace those of traditional banner advertising and provide actual, measurable ROI for brands.
Later this spring, IMS will introduce dedicated sales teams in two of the region’s major markets, Brazil and Mexico, to help advertisers reach consumers with campaigns utilizing the full suite of Foursquare’s advertising products. The company will also offer customized training programs for agencies and brand advertisers on how to best optimize these formats.
“We’re thrilled to partner with Foursquare, one of the most recognizable names in social today. Foursquare enjoys tremendous popularity in the region, and many brands will benefit from the unique advertising opportunities to reach consumers that only Foursquare can offer,” said Ignacio Vidaguren, COO of IMS.
“One of the key goals for Foursquare in 2014 is to expand our advertising tools to additional markets worldwide, and we’re glad to work with IMS to enter Latin America,” said Steven Rosenblatt, Chief Revenue Officer of Foursquare.
The Foursquare Ads´ introduction in Latin America comes as the region is experiencing exponential year-over-year Internet growth and among the highest mobile penetration and social media engagement rates in the world, According to comScore. Whatsmore, Latin American internet users spend ten hours a month on social media platforms. Smartphone adoption is also projected to continue above global averages in 2014 and upcoming world events such as the 2014 World Cup and 2016 Olympic Games will present new mobile advertising opportunities for brands and business of all-types.
Foursquare will be the latest technology company to partner with IMS in recent years to scale, monetize and navigate the nuances of the region. In 2012, IMS was selected by Twitter as the company’s exclusive ad sales partner in Latin America and in 2013, Waze selected IMS as its exclusive regional ad sales partner. Most recently, Spotify partnered with IMS to enter the market with advertising opportunities on the music-streaming platform.
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