Afternoon Coffee: Procurement’s 2017 Media Planning and Buying Forecast, BP Makes Massive Gas Purchase

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The media planning and buying market is expected to grow at a CAGR of 4.7% during the period 2017-2021, according to a new report from Research and Markets. Channel fragmentation, the rise of new demographics and the challenges of handling data are all reasons demand for media buying services is expected to increase further, the report said.

BP Eyes West African Gas

BP has agreed to invest nearly $1 billion in a partnership with Kosmos Energy to develop gas resources in West Africa, Bloomberg reports. The field in the purchase is believed to hold up 50 trillion cubic feet of natural gas.

“The deal gives BP a leadership position in an emerging world-class, low-cost gas basin with advantaged access to global gas markets,” the London-based company said in a statement. It “brings together all the elements” needed to create a new liquefied natural gas hub in Africa, BP said.

Tech-Savvy Brits

Solution adoption is a frequent topic here on Spend Matters. So of course we were excited to hear that, in defiance of widespread stereotypes, technology and senior citizens are indeed compatible (at least in some geographies).

A new report from the British Retail Consortium found that the proportion of seniors shopping online is 13 percentage points higher in the U.K. than in Germany — and 53 percentage points higher than similar demographics in Italy.

Robots, Robots Everywhere

Procurement groups sourcing and operating in China, take note: The robots are coming. As the trade behemoth faces competition from increasingly high-tech operations in Germany, Japan and the U.S., manufacturers like Cambridge Industries Group are trying to replace more of their workers with machines — two-thirds of its 3,000 employees in CIG’s case.   

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