TargetSpot has announced an ad serving system that will allow businesses to create, buy and place their own advertising within streaming media. Along with this announcement, the company also informs that it has received funding from Union Square Ventures, CBS RADIO (a division of CBS Corporation), and Oddcast, Inc.
TargetSpot has also appointed Doug Perlson as its CEO and Co-founder. CBS RADIO has already signed on as one of several founding partners and will implement the technology at its more than 140 stations.
In addition to its investment, CBS RADIO will utilise the technology on its more than 100 music, talk, sports and news radio stations broadcasting live online. Additionally, TargetSpot will offer a solution for streaming video advertising later this year.
With the new technology, advertisers can create customised audio, video, banner and text ads using an array of jingles, sound effects and visuals provided by TargetSpot. Clients can also upload their current creatives directly into their web account. Ads are then targetted to a specific demographic, location and/or property. Campaign costs vary, with advertising revenue being shared between TargetSpot and the participating broadcaster.
“This is the first platform to allow all businesses, regardless of size, to easily and cost-efficiently utilise streaming media advertising. TargetSpot democratises what has traditionally been the domain of large advertisers with big creative budgets,” said Perlson.
“Doug has been building successful, innovative advertising networks and technology solutions for the past seven years, and we are very excited to have him lead the company,” said Fred Wilson of Union Square Ventures.
The official communiqué informed that TargetSpot has been in development for over a year and originated from a need for an end-to-end ad serving solution for the streaming radio stations operated by CBS RADIO.
“What we have created is a sophisticated advertising platform unlike any other technology being used by radio today. Advertising in streaming media isn’t like putting up a banner ad on a web page, which is where the technology was when we conceived the idea for TargetSpot. The technology, among the purest forms of business-to-business advertising, is specifically designed for monetising streaming audio and video, and allows Internet broadcasters to expand their web offerings while staying in command of their inventory,” said Dan Mason, President and CEO, CBS RADIO.
“Until now, most local advertisers have largely been limited to yellow pages, inserts, direct mail and weekly newspapers. Because of production costs and an inability to properly target their advertisements to local audiences and programming, audio and video advertising has never been an option,” explained Perlson.