Canberra departments switch to Streem for media monitoring
Public servants, you once again have a choice. That is the message from Streem CEO Elgar Welch, as AusTender data shows Streem landed 34 per cent of federal government media-monitoring contracts in the second half of last year.
Launched in 2017, Streem has quickly won over major departments with its comprehensive, real-time product suite, reasonable pricing and responsive customer service.
The company’s success has eaten into the monopoly reluctantly granted to Isentia when the ACCC allowed its takeover of AAP’s media-monitoring business in 2014. In that year, Isentia took 99.5 cents out of every dollar spent by government on new media-monitoring contracts.
“Monopolies aren’t good for anyone and this one is no exception,” said Welch, who once worked as an adviser in the Prime Minister’s Office.
“The lack of competition has had a detrimental impact on customers in the form of high prices and a complete lack of product investment.
“Streem has brought massive innovation to the sector, which is what has prompted such a large migration of blue-chip customers.”
Many corporate clients have already made the switch, with Streem now servicing all of the big four banks, Telstra, Medibank, AGL and Samsung.
Change doesn’t always come easily, however. Mr Welch warned clients to check their media-monitoring contracts for aggressive automatic renewal clauses.
Streem shareholders include former ACCC Chairman Graeme Samuel and Chairman of Woolworths-owned, big-data analytics company Quantium, Tony Davis.
Mr Welch said while Streem was built for speed, trust is the most important commodity in media monitoring, as you have to be comprehensive and accurate, as well as fast.
“We are very proud to say that we have a record of not just signing but re-signing customers, both in the corporate and government markets, based on their satisfaction with Streem.”