Business
Society Pass Inc (Nasdaq: SOPA)/Thoughtful Media Group Inc Acquires Newave Strategic, Leading Indonesia-based KOL Management Agency; Onboards +10,000 Indonesia-based Influencers
Thoughtful Media Group Inc acquires second company in Indonesia, Newave Strategic, a leading KOL management agency in IndonesiaTMG onboards +10,000
About this update from Society Pass Incorporated
[{"type":"text","content":"Thoughtful Media Group Inc acquires second company in Indonesia, Newave Strategic, a leading KOL management agency in IndonesiaTMG onboards +10,000 Indonesia-based influencers onto its digital advertising platform with acquisitionPost acquisition, Newave is re-branded as Thoughtful Media Indonesia and its leadership and employees are fully integrated into Thoughtful Media regional operating structureThoughtful Media Indonesia forecasts continued compelling revenue growth in 2023 and beyond JAKARTA, Indonesia, May 31, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Thoughtful Media Group Inc (“Thoughtful Media” or “TMG”), the Thailand-based social commerce-focused, premium digital advertising network of Society Pass Incorporated (\"SoPa”) (Nasdaq: SOPA), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announces the acquisition of Newave, the go-to advertising platform for nano and micro influencers (KOLs with under 100,000 followers) in the Indonesian social media scene. Newave’s +10,000 influencers on its talent roster turbocharges TMG’s social commerce advertising business in both Indonesia and SEA. Founded in 2017, Newave has ridden the popularity of social media and social commerce in Indonesia advertising market. Newave Head of Strategy, Ilhamka Nizam, explains, “According to Datareportal, 68% of Indonesians or 191 million people are on social media as of January 2022. Covid drove millions of Indonesians to shop online for more than 3 hours daily via their social media. Naturally, brands increased their marketing budgets every year since Newave was founded. For 2023, we expect Indonesia-based brands to invest more than 30% of their marketing budget on influencer marketing.” To meet demand for influencers from increasing advertising budgets, Newave focused on identifying and servicing up-and-coming nano and micro influencers as these KOLs represents 66% of all influencers in Indonesia according to INSG.CO. Newave Co-Founder, Bunga Nizam, comments, “When we founded Newave, we realised that onboarding hundreds and thousands of nano and micro influencers is the unique selling proposition that sets Newave from other so-called influencer marketing companies. Why? Because it is easier to make your audience engage with your content if you share a familiarity with them. And how does ...