Targetspot Enters The Next Phase Of Its Life
Of all the major offline advertising categories, audio is the least developed online. But that is changing very quickly. Earlier this week Pandora announced that they have partnered with Katz, a Clear Channel subsidiary, to sell their online ad inventory. Since Pandora is a leader in "pure play" online radio (as opposed to terrestrial radio delivered over the internet), this is likely to be a watershed moment that will lead most other "pure play" online radio companies into audio advertising.
And that's where Targetspot comes into play. Targetspot is the first and the largest advertising platform and network for online audio. Many of the leading terrestrial radio stations and some of the pure play online radio providers already use Targetspot to monetize their online streams.
For the first two years of its life, Targetspot toiled almost alone in the audio advertising business, building its market leading technology platform, network of radio station and online audio partners, and growing its sales capability. Now stage two begins, the development of a large online audio market. This year online audio will maybe be $250mm worldwide. I believe it will be north of $1bn in a couple years. This is a market just about to take off.
And so it is fitting that Targetspot is announcing today that it has added a new CEO, Eyal Goldwerger, to lead it through this next phase. Eyal is a veteran of startups and online advertising and brings the perfect blend of growth management skills, tech savvy, and business development capabilities to the company. I am very excited to work with him.
Targetspot is also in debt to its founding CEO, Doug Perlson, who guided it from an idea and a prototype, to the leader in an emerging new online ad market. Doug is already busy launching a new company which I expect he will announce shortly.
If you have a business that involves online audio content, you should be talking to Targetspot. If you want an introduction to Eyal, contact me and I'll put you in touch.