2nd Jul 2015 07:41
LONDON (Alliance News) - On-demand audio platform Audioboom Group PLC on Thursday said it has signed a deal with US radio group Cumulus Media Holdings Inc to use its software-as-a-service platform, but said the time taken for the talks to conclude mean its sales revenue in the year to the end of November will miss market expectations
Under the deal, Cumulus will use Audioboom's platform to embed content across its network's websites and mobile applications, Audioboom said. The pair will also work together to create original audio content to be distributed via a new podcast network.
As part of the agreement Audioboom also will appoint Westwood One Inc, the national syndication and media sales arm of Cumulus, as its advertising sales representative to sell adverts embedded in the audio content made via the agreement, as well as additional US content provided by Audioboom.
No financial details on the deal were disclosed.
Audioboom also said that while it is well positioned to deliver revenue for the year to the end of November 2016, the additional time taken to conclude its partnership agreement with Cumulus means that advertising revenue in its current financial year will be skewed to the second half, meaning sales will be below market expectations.
Audioboom shares were down 2.0% to 6.00 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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