Thoughtful Media Group (TMG), a Thailand-based social commerce-focused, premium digital advertising network of Society Pass Incorporated has acquired More Media, a leading Indonesia-based creative design and branding agency. The More Media acquisition extends TMG’s social commerce and influencer advertising business reach beyond Thailand and Vietnam and into the booming Indonesia digital advertising sector.
Founded in 2021 serving up-and-coming Indonesian companies in the beauty, F&B, eCommerce and logistics sectors, More Media has grown its client with its focus on storytelling and providing end-to-end branding services. More Media has onboarded a diverse roster of clients such as Langsre, Emilia, Kei Dining, and Allino. Post acquisition, More Media will be re-branded to Thoughtful Media Indonesia with its co-founder, Eugenia Agnes Gusti, taking on the role of VP of business development for Thoughtful Media to drive sales and onboard Indonesia clients onto the regional TMG digital advertising platform.
Dennis Nguyen, Society Pass founder, chairman and chief executive officer/TMG chairman said, “We are so excited to welcome Eugenia Agnes Gusti, Ursula Michelle and the rest of the More Media into our ever-expanding TMG platform.”
“More Media seamlessly blends into our product and geographical growth strategy for TMG as we enter yet another leading SEA market. By combining More Media’s market leading design and branding capabilities in Indonesia with TMG’s social commerce and influencer advertising focused MPN, we leverage our storytelling capabilities and amplify SoPa’s upcoming loyalty offering,” he added.
Nguyen added that since SoPa acquired TMG back in July 2022, TMG has grown from strength to strength with headcount growing from a dozen professionals to over 30 staff in just a matter of months. Society Pass was founded in 2018 as a next generation, data-driven, loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population,
“As we enter Singapore, Philippines, and Malaysia markets in 2023, TMG is uniquely positioned to be the premier SEA regional digital advertising agency offering a significant value proposition for advertisers, merchants and influencers in SEA’s biggest economy,” he added.
According to Influencer Marketing Hub, the influencer advertising market grew to US$16.4 billion in 2022 and the value of social commerce sales growing to US$958 billion in 2022.
According to Strategic Market Research, with Asia representing 70% of the market, the global social commerce market size is expected to reach US$7 trillion by 2030, representing a CAGR of 30% from 2021. Well-positioned to benefit from these growth forecasts, Indonesia’s digital advertising revenues are expected to soar this decade as increasingly more consumers make direct purchases on social media platforms, as social media sites are adopting innovative buying criteria and features, and as merchants incorporate shoppable posts and buy buttons on their respective pages.
“More Media is proud to officially merge with TMG. By joining forces with TMG’s broad advertising network and SoPa’s extensive ecosystem and large user and merchant bases in SEA, we are thrilled about expanding our business to fully become an end-to-end digital marketing company,” added Gusti.
“According to Grand View Research, the global influencer marketing platform market size was valued at USD 10.39 billion in 2021 and is now expected to expand at a compound annual growth rate (CAGR) of 33.4% from 2022 to 2030. With this explosion in influencer advertising and social commerce throughout SEA, Thoughtful Media Indonesia is well positioned to generate significant revenues in 2023 and occupies a central position in Indonesia’s large and fast-paced growing advertising market, both online and offline,” she added.