McKinsey enhances Clear Channel France strategy for business success

13 Feb, 2024

McKinsey enhances Clear Channel France strategy for business success

Revelations from local media have surfaced indicating that Clear Channel's French business collaborated with McKinsey & Company to devise a new strategy subsequent to its acquisition. The strategy devised by McKinsey aimed at driving growth for the company by generating fresh value, particularly within the realm of outdoor advertising, which currently constitutes only 20% of its turnover. A primary objective entails expanding the company's commercial market share within a significantly growing market, projected at over 5% in 2023. Additionally, McKinsey prioritized the return to profitability, envisaging a trajectory that not only capitalizes on traditional print advertising but also embraces a comprehensive array of digital platforms, including social media giants like TikTok and Instagram.

Clear Channel's French subsidiary, part of the US-based Clear Channel Outdoor Holdings, boasts a substantial presence across France, spanning 50 cities with populations exceeding 100,000, 4,000 smaller municipalities, and the top 25 malls in the country, employing approximately 800 individuals. Didier Quillot, senior advisor to majority shareholder Equinox, is optimistic about Clear Channel's prospects in the French market, emphasizing opportunities for accelerated digital investment and forging novel partnerships. Quillot particularly highlights the forthcoming 2024 Paris Olympics as a significant opportunity, foreseeing substantial engagement across digital media platforms, which offer cost-effectiveness and wider reach among younger demographics.

Equinox acquired Clear Channel's French business in October of the previous year for a reported €42 million, leading to the rebranding of Clear Channel as Cityz Media.