By Bilal Maisoor
Out-of-home (OOH) advertising has always been about visibility. But how can advertisers truly know how many people are seeing their message on the streets? At Vegatise, we took on this challenge and developed a revolutionary impression count system that brings unprecedented accuracy and insight to vehicle-based advertising. Here's how we did it.
The Sri Lankan vehicle market is grappling with a series of financial burdens, from rising fuel costs to overwhelming vehicle lease payments. For many drivers, these financial pressures are intensified by the steady rise in consumer prices, making it difficult to manage daily expenses. To provide a sustainable and rewarding solution, Vegatise offers drivers in Sri Lanka a new way to earn income by transforming their vehicles into mobile advertising platforms, delivering a unique opportunity for financial relief and stability.
Sri Lanka has seen a significant portion of vehicle owners struggle with finance and lease payments. According to Fitch Ratings and the Central Bank of Sri Lanka, more than 60% of private car owners in the nation are tied to a leasing or financing scheme, with a substantial number facing default rates due to the economic downturn. Default rates in some sectors have reached nearly 20% in the past year. These leasing burdens are further complicated by economic instability, where inflation affects essentials and fuel prices, which increased by nearly 30% year-over-year, placing vehicle ownership under heavy strain.
Through monthly advertising campaigns, Vegatise offers drivers an opportunity to earn an additional LKR 20,000 to LKR 50,000 based on factors like car model, wrap type, and campaign length. By drivering with Vegatise, drivers can offset lease or fuel costs, easing their financial strain. Vegatise campaigns provide monthly income and incentivize drivers further with longer campaign periods, allowing them to potentially cover significant portions of their lease payments, creating a win-win solution for both drivers and advertisers.
Fuel prices have been consistently high, with Sri Lanka ranking in the top 20 countries for fuel costs globally. According to GlobalPetrolPrices.com, the price of gasoline averages LKR 450 per liter, leading drivers to spend a substantial part of their income on fuel alone. Maintenance costs have also soared, with the cost of repairs and upkeep increasing by approximately 40% over the past two years. These additional expenses place a strain on those using vehicles for personal and professional use, as drivers who fail to meet vehicle costs often risk losing essential transportation options.
By using Vegatise’s vehicle advertising program, drivers can turn a financial burden into a revenue stream. The monthly earnings help alleviate essential costs, with potential to cover almost 20-25% of the average lease payment. Additionally, for campaigns with a longer duration, drivers can expect consistent, predictable income. This income flexibility also aids in planning for vehicle upkeep and fuel expenses, helping them stay on the road while providing financial stability.
Vehicle advertising through Vegatise represents more than just an income opportunity—it’s a step toward economic resilience. By tapping into the advertising sector, drivers can participate in Sri Lanka’s growing out-of-home advertising market, which has an estimated annual growth rate of 10-12% according to Statista. This approach not only provides financial relief but also strengthens local economies, providing new streams of income and employment opportunities.
For Sri Lanka’s drivers, Vegatise’s advertising campaigns offer an innovative, financially empowering model in a challenging economic climate. By allowing drivers to use their vehicles for advertising, Vegatise helps offset costs, alleviate lease burdens, and provide predictable monthly earnings. As more drivers join the Vegatise network, the platform is set to make a substantial positive impact on local livelihoods, contributing to both individual financial health and broader economic resilience.