Dropbox puts its media account in review

Dropbox is putting its media account under review after parting ways with Mediahub, which declined to defend the account according to a spokeswoman for the agency. Dropbox wasn’t immediately available for comment. Mediahub held the account since 2018.

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“We’ve worked closely with Dropbox for the last four years with great success,” the agency said in a statement. “As their marketing goals have changed significantly, we’ve mutually agreed to part ways and are not participating in the review. We still have a great relationship and are helping them through this transition.”

The SaaS company’s advertising and promotional expenses have increased over the past few years. In 2021 the brand spent $108.6 million on advertising and promotion, up from $81.4 million in 2020 and $88.8 million in 2019, according to its 10-K filings at the end of last year.

The global cloud storage market, which includes companies such as Google and Amazon Web Services, was valued at $61.2 billion in 2020, according to a report by Fortune Business Insights released last year. Dropbox remains the second most used SaaS cloud solution, with over 22% of the market share according to research by software company Datanyze, trailing behind Google Drive, which has 35% of the market.

The company has also made some changes to its marketing team in recent years. In 2020, Tifenn Dano Kwan was named the brand’s chief marketing officer, and Jamie Young Perlman was named VP of Dropbox’s global business development team.

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Beyond this account loss, Mediahub has picked up a few significant wins this year for brands such as Post Consumer Brands, FarFetch, and Pacaso, Last year, the agency won significant accounts for brands Slack, Terminix, Hallmark Channel parent company Crown Media, Morgan Stanley, and E-Trade.