Hyundai has spent a reported $3.7 million to secure one of the most iconic advertising sites in the world: the former Sanyo neon sign in Piccadilly Circus, London, which Hyundai replaced with its own high-tech LED screen earlier this month.
The 1248 sq ft space – previously held by Sanyo since 1978 – is estimated to be seen by over 56 million people every year including visitors to London from across the globe.
It is the end of an era, as the only remaining billboard hosting the traditional cold cathode tubes (neons) introduced back in 1923, has now been transformed with new state-of-the-art high-resolution LED lights.
Hyundai’s decision to champion its brand in one of the world’s best-known public spaces reflects the carmaker’s growing confidence as it climbs the industry league and seeks to project a more upscale image for its cars.
“Its viral marketing,” a person familiar with the company’s thinking said. “A tourist would see it on Piccadilly Circus and go home to Poland or Africa with the big Hyundai ‘H’ in their head.”
“Those locations change hands pretty infrequently,” said Jeremy Male chief executive of UK and Northern Europe at JCDecaux, the outdoor advertising company.
“There are certain locations that you don’t necessarily value by the traditional methods of ROI [return on investment] because they are far more about brand stature or corporate stature rather than a short-term effect.”
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