Investment chief Seb Rennie leaves GroupM for SCA as Blackley bids for all out digital growth, $35m from digital audio in FY23

News Plus 10 Feb 2023 - 1 min read

Investment chief Seb Rennie leaves GroupM for SCA as Blackley bids for all out digital growth, $35m from digital audio in FY23

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GroupM's head of investment Seb Rennie is leaving the media agency to join SCA as Grant Blackley pushes hard for digital audio revenue gains. SCA could hit 10 per cent of group revenues from digital audio within 18 months as national advertisers that wouldn’t previously touch radio start to bite, with podcasts starting to move the needle.

GroupM investment chief Seb Rennie is leaving to join SCA to drive commercials at LiSTNR as CEO Grant Blackley bids for major digital growth.

Blackley told Mi3 late last year that the firm will write $32-$35m from digital audio this financial year and that the quarterly growth rate is “no less than 30 per cent”. Meanwhile, the firm is getting brutal with podcast content creators – hit the numbers fast or get flicked – and going hard after local markets, where clutter is lower and sign-ups easier to hit.

If the trajectory continues, SCA could hit 10 per cent of group revenues from digital audio within 18 months as national advertisers that wouldn’t previously touch radio start to bite. Podcasts currently account for 25 per cent of digital audio consumption but make up 65 per cent of digital audio revenues. That would equate to $21-$23m podcast revenue by June 2023 per Blackley’s projections, with other digital audio accounting for $11-$12m.

Rennie will be a key factor in driving that growth, tasked with setting and delivering commercial strategy as Executive Head, LiSTNR Commercial .

Rennie had been with the WPP-owned holdco for 18 years, including a three-year stint heading up investments across its Canadian operation before returning in June 2021.

SCA boss Grant Blackley described Rennie as a "proven leader with unrivalled media negotiation and investment strategy skills, a strong managerial background, and a proven track record in the creation and implementation of plans to deliver on business needs".

Rennie said the opportunity was "too good to pass up" and backed the digital audio sector to deliver "strong growth this year and beyond."

GroupM is now hunting a successor. CEO Aimee Buchanan said Rennie is a "fantastic operator that has played a phenomenal part in shaping GroupM and our agencies" across almost two decades with the group.

"He leaves a strong, experienced and stable team in place in the group and our agencies. I’ve enormously enjoyed working alongside him. We thank him for all his contributions and we all wish him the best as he takes on this new challenge. We’re underway with the search for his replacement.”