Coca-Cola has announced it will hold a US$4 billion review of all of its media and creative accounts worldwide.
A spokesperson from The Coca-Cola Company told AdNews that the review was part of decision to "fundamentally transform and dramatically improve" effectiveness and efficiency of its marketing investments.
"By improving our processes, eliminating duplication and optimizing spend, we will generate significant savings to fuel reinvestment in our brands," the spokesperson said.
The spokesperson says the review will include creative, production management, shopper and experiential marketing services.
"They are also a crucial component of our ongoing digital transformation journey to drive our business," the spokersperson said.
"With that in mind, we have decided to undergo a complete redesign of our media and creative agency models in an effort to align the strategic, operational, and commercial needs of our new, networked organization.
"This will necessitate a full review of our media and creative planning and buying practices, as well as our media and creative agency appointments and commercial relationships around the world."
Reviews for creative and media will begin in Q1 of 2020 with a consolidated agency roster to be decided by the end of 2021.
UM currently holds the media account for Coca-Cola South Pacific.
The agency retained the $20 million media account last year following a review held at the start of 2019.
It has held the account since 2014 when it won it from Ikon.
Ogilvy holds the creative account for Coca-Cola in Australia.
Over the years it has created a number of iconic campaigns for the brand including Share A Coke.
Coca-Cola paused all marketing activity in April as the COVID-19 pandemic began to take hold across the globe.
It has since returned with a global campaign, released in July, created by Anomaly NY.
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