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Veritone One to Acquire Performance Bridge Media for $6M
RADIO ONLINE | Monday, August 13, 2018 |
Veritone One, a unit of Veritone, has acquired Performance Bridge Media, a long-standing podcast agency, for $6 million. The acquisition will make Veritone One one of the largest entities to offer podcast and radio solutions, helping clients efficiently acquire new business at scale while building their brands. PBM's podcast campaign performance dates back to 2002, bringing insight to the fast-growing podcast ad market.
Veritone One President Ryan Steelberg said, "Podcasts are primarily original content that offers compelling, personalized edu-tainment, much as Netflix and Amazon Prime Video have demonstrated with video entertainment programming. In the United States, an estimated 73 million people listen to podcasts every month, a 25% increase from 2017, making podcasting an extremely attractive and scalable segment for advertisers."
In a Q1 2018 study conducted by Nielsen, 69% of all podcast listeners agreed that podcast ads made them aware of new products or services. The study also revealed that podcast listeners are more likely to follow companies and brands on social media, and are more likely to own a smart home device such as Amazon Echo, Google Home or Apple HomePod. It seems the trend of mobile devices as the primary listening device in the home or on the road is shifting to these smart home devices, which are owned by 43 million people, or 18% of the U.S. 18+ population.
The consideration paid by Veritone in the transaction was $6 million, plus a contingent earn-out of up to $5 million based on Performance Bridge Media's revenues for calendar year 2018, with such consideration being payable primarily in Veritone common stock.
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