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Advertising company, The Lab is positioning itself as the Caribbean’s primary hub for content creation in line with its 2025 company vision.

This vision is for the company, “to become the #1 integrated advertising agency and production company in the region, recognized and respected internationally,” as expressed by the company’s CEO, Kimala Bennett.

The LAB intends to achieve this vision by using the following strategies:

• Technology & Disruption – Leveraging technology to innovate and disrupt our product and service delivery.
• Expansion into new markets – Growth in different markets and service segments
• Strong Focus on Quality – Excellent Creative Outputs.”

Commenting on the company’s 2020 performance, Bennett highlighted that the LAB received 12 American Advertising Awards between 2019 and 2021 with a significant emphasis on quality. Four of the twelve are Gold ADDY awards, and three of the four ADDY awards were won in 2021 for “Digestive- Better Because It’s Both”, “Chillin Wid Grace”, and “Grace Christmas Television.”

Crediting the team for positive performance

The LAB dedicates its achievements to its strong team. The CEO mentioned, “We are all about people. So finding, securing and keeping the right team motivated is huge for us. Also, our strong focus on talent and acquisition will help us to maintain the high-quality work The LAB creates.”

The Lab ensures that the team remains engaged through virtual daily meetings, virtual birthday celebrations, and more as a way of adapting to the new normal. Addressing shareholders earlier this week, Bennett spoke about SCOPE Caribbean, The Lab’s newest subsidiary.

​​​SCOPE Caribbean is a user-generated influencer and talent engagement​​​ online platform that allows anyone to sign up and fill out a profile, which then allows them to be included to the SCOPE database. “SCOPE’s focus recently shifted from being a location of a talent directory to a talent and influencer market agency,” according to Bennett.

She further stated that “SCOPE can allow the company to be efficient in their production. SCOPE acquired the license for an influencer marketing platform, which will provide capabilities that will streamline the entire influencer marketing campaign process across all major social media platforms this includes management and tracking in real-time fulfilling an immediate need for brands across the region.”

SCOPE will offer the following services:

• “Real-time reporting and data analysis
• Souring of talent and influencers for projects and campaigns in a seamless way
• One hub that manages all aspects of influencer marketing and talent recruitment experience.
• Management of existing brand ambassadors and influencers to ensure the client is able to track performance and return on investment and providing a “middle man” that negotiates and manages all influencer strategies.
• Content and reporting”

Added content to three business units

The LAB recently added content to their three business units (Agency, Production and Media). Under content, LAB aims to create branding content, home grown content, short films and doc series, etc.

The CEO explained that, “our newly formed Content Department is a major step as the team position itself as the Caribbean’s primary hub for content creation. Our strategic approach covers three main channels of content creation: Content Marketing for our brands, Digital Content, Unsolicited Content that includes but not limited to Vlogs, Docuseries, Podcasts, Online Shows, Short and Feature-Length Film projects.”

The LAB will be hosting a Regional Pitching Competition for Content Creators in the Caribbean. “The competition will serve as a main catalyst for The LAB, as we become chief enablers and facilitators of content creation in the region,” Bennett explained.

Positive financials for 2020

During this current unprecedented period, The Lab chalked up a 44.3 per cent growth in revenue to $911.70 million for 2020. Net profit for the year rose by 34.13 per cent to $127 million and total equity rose 30.38 per cent to $464.20 million.

The CEO cited that the impact of COVID-19, “has taught us that there is no crystal ball, therefore cost-containment measures were employed and the Company increased its investment in technological support to maintain its service.”

Notably, by the end of the 2020 financial year, each segment’s revenue had outperformed the previous year. Agency revenue had increased​​​ by 63.07 per cent to $185.57 million (2019: $113.80 million), Media revenue had increased by 68.35 per cent to $492.06 million (2020: $292.29 million), and Production revenue had increased by 3.7 per cent to $234.11 million (2020: $225.75 million).

Furthermore, for the six months ended March 2021, revenue increased 31.02 per cent to $619.08 million (2020: $471.41 million). In concluding Bennett stressed that, “COVID-19 forced us to be agile and increase production.”