LAB pumps $15m into SCOPE acquisition and operations
Published:Sunday | January 9, 2022 | 12:06 AM
Advertising and production agency The Limners and Bards Limited, LAB, has pumped $15 million into the share acquisition and start up of SCOPE Caribbean, through which it will provide brand-related content and talent services across the region.
The disclosure was made in The LAB’s recently released audited results for the year ended October 2021. The company has already employed two staff members and is slated to begin operating this month.
For the year ending October 31, 2021, The LAB reported earnings of $156 million, up 22 per cent from $127 million in FY 2020.
Revenue also rose 35 per cent to $1.2 billion. The LAB’s production division saw robust improvement in revenue, up 63 per cent, while the media-placement division grew by 35 per cent. However, sales income from the advertising department dipped 2.94 per cent during the year.
Founder and CEO of The LAB, Kimala Bennett, expects the group to produce even stronger results for FY 2022 with SCOPE Caribbean’s full integration.
So far, The LAB has pumped $4.8 million into SCOPE Caribbean. The other $10.2 million was spent on acquiring SCOPE’s issued shares, Bennett told the Financial Gleaner.
The wholly owned subsidiary of The LAB is described by the company as a user-generated influencer and talent platform that allows vetted persons to be added to a database. The platform is accessible by film producers, casting directors, agencies, and global brands looking to contractually employ creatives.
Persons listed on the platform can be hired to create advertising campaigns, films, and TV shows specifically for brand influencers. Last year, SCOPE acquired the licence aimed at improving campaigns for the LAB’s clients through better performance tracking.