‘Be careful in prosperity & stay resilient in crisis’ says Vincent Lam of Asiaray Media Group at OAC 2025

Vincent Lam, Founder and Chairman of Asiaray Media Group, took the center stage on day 2 at the OOH Advertising Convention 2025, when he addressed the theme ‘Navigating business turnaround: Key learnings from the journey’.  

“I’m not here to talk about glory. I’m here to talk about mistakes,” Vincent began, setting the tone for a session that resonated with every entrepreneur, investor, and media professional in the room. “Failure,” he said, “is probably the greatest teacher.” 

By 2018, Vincent’s firm was at its peak. It was ranked number 1 in airport advertising in Greater China and second in metro advertising. As he was keen on rapid expansion, the company focused on size over stability. Vincent admitted that even when early losses appeared in 2019, optimism clouded judgment. “And then the pandemic came, and losses piled up more. Even after this, we clung to non-performing assets, which was the next most painful mistake,” shared Vincent candidly.    

It wasn’t until late 2023 that Vincent made the toughest decision: cut the dead weight, project by project, and Asiaray exited unviable contracts. By 2024, the company had clawed back into profitability. 

Vincent further explained how survival wasn’t enough. Another big challenge for him was value addition in a commoditized OOH market. He tackled this challenge through space management. Rather than just selling ad slots, Vincent came up with the creative idea of reimagining ad spaces as immersive environments. 

Technology too played a big role. Vincent shared how the company was the first to implement programmatic DOOH in China with Google back in 2018. One of the biggest recognitions came when Coca-Cola awarded Asiaray for helping execute the “world’s most iconic digital sign” at Times Square.  

Wrapping up the session, Vincent shared his key learnings from past mistakes. He said, “Don’t let success go to your head. Balance optimism with financial discipline. In prosperity, be careful. In a crisis, stay resilient. Failure is the greatest teacher. The biggest sustainability for us is to stay alive, especially in a tough environment.” With those very insightful words, Vincent set the stage for deep reflections and questions from the audience.