Iran is seeing a surge in interest from foreign companies who wish to advertise in the country. Mohammad Esmaeili, head of media from Tehran.digital said “Since the new president won the US election, we have seen a influx of interest from international companies who wish to promote their products to the Iranian people, majority of these companies are European and Asian companies who generally initiate contact with us asking for vector audits or market, price and competitor data relating to their product and services inside Iran.”
With the devaluation of the Iranian currency under the US sanctions, the country is being seen as a value investment by foreign investors. Majority youth population, highly educated with high mobile and internet penetration, as well as one of the cheapest digital advertising rates seen anywhere in the world makes Iran a fantastic place for new market expansion. With the corona virus still running rampant on the global economy, big brands are desperately looking for new avenues to expand their revenue.
Mr Esmaeili went on further to say “The Iranian startup scene is unlike other markets in the Middle East, it’s very independent and slowly becoming very innovative forced by US sanctions on GPS maps, API’s, tools and even the mobile app stores, Iran had to develop most core services themselves from their own app store to GPS map services. These homegrown platforms often cost much cheaper than international brands which means additional savings from anyone who wants a digital footprint in Iran from a website to a service.”
With huge internal digital demand, comes frustration of startups to secure funding to grow effectively and rapidly within the country to support the eco system. The Iranian stock market is rumored to be listing more digital brands it sees ripe for public investment and the government has announced further support packages from small loans to other business packages to digital startups it deems viable.