- Montreal-based Stingray (TSX:RAY.A) has engaged Targetspot to monetise digital audio advertising on its Stingray Music platform
- Through the partnership, advertisers will be able to purchase audio inventory packages to connect with listeners
- Under the agreement, Targetspot will monetise the digital advertising space for the next two years
- According to a March 2020 survey, the COVID-19 pandemic has played a key role in a 35 per cent increase in the use of streaming services
- Stingray (RAY.A) is currently up 2.5 per cent and is trading at C$5.74 per share
Montreal-based Stingray (TSX:RAY.A) has engaged Targetspot to monetise digital audio advertising on its Stingray Music platform.
The music, media and technology company provides a variety of audio television channels, more than 100 radio stations, karaoke products, digital signage, in-store music and music apps.
One of its most prominent products is the Stingray Music app, which offers music streaming services.
Under an exclusive, two-year global agreement, Targetspot will facilitate the ability for advertisers and brands to purchase Stingray’s audio inventory packages as a way of connecting with targeted audiences.
Ryan Fuss, Senior Vice President of Advertising Solutions at Stingray, said Targetspot is the ideal partner to support the ongoing growth and evolution of the company’s global digital audio strategy.
“Their shared belief in delivering premium audio advertising experiences to listeners was a key factor in awarding Targetspot our business.
“I am confident that their industry-leading technology and best-in-class global sales force will help differentiate our premium audio supply with advertisers.
“I am excited about this partnership and the future of our global advertising business,” he said.
Launched in 2007, Targetspot has become a significant figure in the audio advertising space. With offices in North America and Europe, the company serves more than a billion audio impression each month.
According to a survey conducted in March this year, the COVID-19 pandemic has been a key driver behind a 35 per cent increase in the usage of media streaming services.
As such, Stingray has identified a significant opportunity to leverage its 70 million monthly users and develop a new source of revenue.
Stingray (RAY.A) is up 2.5 per cent and is trading at C$5.74 per share at 3:51pm EDT.