As podcasts and other audio services continue to gain traction with consumers, tech firm Vibenomics is launching a national audio out-of-home ad marketplace, offering advertisers access to 150 million on-the-go consumers.
The new marketplace is designed for location-based businesses and connected cities. It enables brands to reach a national audience or target any combination of 4,000 individual locations.
The marketplace will be headed by Paul Brenner, a former president of NextRadio/TagStation and senior executive at Emmis Communications. He has joined Vibenomics as chief strategy officer.
During beta testing over the past eight months, the marketplace has been used by over 100 national and local advertisers that have achieved sales lifts by reaching in-market shoppers, including local marketers such as Purdue University, The Waterpark at Monon Center and Grand Park Sports Complex.
Participating national brands included Monster Energy, Live Nation, General Mills, Body Armor, Pepsi and Red Bull.
Vibenomics enables location-based businesses and communities to create and control background music at site-specific locations. According to the company, studies show that background music influences how much time is spent in a store, purchasing decisions and spending totals. Background music can also reportedly trigger impulse buyers to make additional purchases.
“How and where audio is consumed is changing rapidly with the emergence of podcasting, streaming services and smart speakers, but inventory has been limited,” stated Brenner. “Vibenomics is enabling brands to make the most of the emerging digital audio ecosystem by unlocking a whole new placement option that serves both the audio and OOH advertiser markets.”
Brenner added that the firm will build out the marketplace “with real-time custom branded and curated content, dynamic music and programmatic advertising across all marketing verticals and categories.”
The launch of the network follows a recent report from the Out of Home Advertising Association of America that found the OOH industry is experiencing a growth spurt. Revenue grew 7.7% to nearly $2.7 billion for the second quarter of 2019 compared to the same period in 2018.