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MediaWorks Asia Limited came into being because of need.
Asia has changed so have the needs of publishers worldwide.
With the historical "handover" of Hong Kong in summer of 1997 came the end of an era. Compounded by the financial tremors in Asia starting in August 1997, Asian business changed forever.
These market forces were the motivating factors behind the formation of MediaWorks Asia. A Hong Kong based, media sales company.
Life in East halcyon days of colonial Hong Kong were fun. Money flowed. Banks were fat and credit was easy. New and even bolder construction projects were being planned and financial institutions were considered invulnerable.
Media representative companies were plentiful. Expatriate labour was available and relatively inexpensive. Publisher's representatives were mostly outposts of European and American media companies looking for a place to plant their flag in Asia. All this changed in the last years of the twentieth century. Business quickly dried up. Many companies went bankrupt. Tourism went from boom to bust and many of the regional currencies precipitously lost value overnight. Media representative companies closed, consolidated or sold-out and their principals left Asia.
The Asia of old, as many remember it, was over.
For the principal of MediaWorks Asia, Kim Kenchington - these changing times and adverse conditions represented opportunity. The need for a new world approach to selling media was now in demand. |