Stingray Expands its Retail Media Network to the United States
with the Acquisition of InStore Audio Network
InStore Audio Network is the largest retail audio network in the US with 16,000 locations
Montreal, January 5, 2022 – Stingray Group Inc. (TSX: RAY.A; RAY.B), a leading music, media, and technology company, today announced that it has acquired InStore Audio Network, the largest in-store audio advertising network in the United States, reaching 100 million shoppers each week in over 16,000 grocery retailers and pharmacies across the US for total consideration of up to approximately C$59 million subject to a specific earn out mechanism set forth in the purchase agreement. With this acquisition, Stingray expands its retail-based digital audio advertising footprint in the United States and reaffirms its position as a leading global provider of state-of-the art digital media solutions.
InStore Audio Network enables the monetization and delivery of highly targeted digital audio advertising at a location level via custom curated streaming music services. Leading grocery and pharmacy retailers like CVS, Rite Aid, Albertsons, Safeway, Southeastern Grocers, Ahold, Tops Markets, Weis Market and Brookshires currently leverage InStore Audio Network’s retail media solutions which deliver a proven sales lift for advertisers.
Under Stingray’s ownership, InStore Audio Network will continue to broaden its existing retail media offering with a focus on verified audience measurement, digital ad serving and programmatic monetization. The addition of Stingray’s technology and digital media expertise, combined with InStore Audio Network’s track record of success, will also accelerate overall network expansion.
“Stingray has successfully launched the first Canadian retail-based digital audio advertising network. Both agencies and brands have shown strong interest in reaching and connecting with principal shoppers within retail environments through an innovative, digital-first advertising solution” said Eric Boyko, President, Co-founder, and CEO of Stingray. “We are thrilled to welcome InStore Audio Network to the Stingray family and look forward to building strong connections between retailers, consumers, and brands. We expect this acquisition to deepen our presence in the US market and drive revenue within the growing retail media category.”
“This acquisition by Stingray fortifies a partnership that will provide significant value to our current retail partners and advertisers,” said Gary Seem, President of InStore Audio Network. “We look forward to expanding our offerings as the importance of retail media and the ability to reach shoppers directly at the point-of-purchase continues to grow.”
Stingray will wholly own and operate InStore Audio Network, under the continued leadership and direction of its current management team.
Montreal-based Stingray (TSX: RAY.A; RAY.B) is a leading global music, media, and technology company with over 1,000 employees worldwide. Stingray is a premium provider of curated direct-to-consumer and B2B services, including audio television channels, over 100 radio stations, SVOD content, 4K UHD television channels, FAST channels, karaoke products, digital signage, in-store music, and music apps, which have been downloaded over 160 million times. Stingray reaches 400 million subscribers (or users) in 160 countries. For more information: www.stingray.com
About InStore Audio Network
InStore Audio Network is the largest in-store audio advertising provider in the United States and delivers commercial audio messages to shoppers in over 16,000 grocery, drug, and convenience stores. InStore Audio Network provides music programming and equipment, retail specific messaging and third party branded messaging ad sales to retailers such as CVS, Rite Aid, Albertsons, Safeway, Southeastern Grocers, Ahold, Tops Markets, Weis Market and Brookshires. By reaching consumers at the point-of-purchase in a captive media environment with a compelling audio message, the InStore Audio Network reaches over 100 million shoppers every week and delivers proven sales lift for participating advertisers. More information can be found at the company’s web site: www.instoreaudionetwork.com
This news release contains forward-looking information within the meaning of applicable Canadian securities law. Such forward-looking information includes, but is not limited to, information with respect to Stingray’s goals, beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking information is identified by the use of terms and phrases such as “may”, “would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, and “continue”, or the negative of these terms and similar terminology, including references to assumptions. Please note, however, that not all forward-looking information contains these terms and phrases. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Stingray’s control. These risks and uncertainties could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors identified in Stingray’s Annual Information Form for the year ended March 31, 2021, which is available on SEDAR at www.sedar.com. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that Stingray anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on Stingray’s business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and Stingray does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.
For more information, please contact:
Senior Vice-President, Marketing and Communications
1 514 664-1244, ext 2362
Quotient and Place Exchange Offer First-Time Programmatic Access to InStore Audio Network in Over 16,000 Stores
Place Exchange enables Quotient’s retailer and advertiser clients to deliver audio messages into the largest Audio Out-of-Home network in the U.S.
spanning major grocery and drug chains nationwide
Salt Lake City, Utah. – November 11, 2021 – Quotient (NYSE: QUOT), the leading digital media and promotions technology company, together with Place Exchange, the leading supply side platform (SSP) for programmatic out-of-home and place-based media, today announced access to the largest network of digital in-store audio messaging in the US, InStore Audio Network, which reaches over 100 million shoppers each week in over 16,000 stores nationwide. Place Exchange enables Quotient’s retailer and advertiser clients to reach these consumers at the point of purchase through InStore Audio Network’s digital audio program across major grocery chains, including Albertsons, Safeway, Southeastern Grocers, Schnucks, Ahold Delhaize and major drug stores such as CVS and Rite Aid.
While 95% of shoppers visit a grocery store or pharmacy at least once a week, there have traditionally been limited opportunities to reach these shoppers across every aisle of the store, when they are actively making purchase decisions. This breakthrough integration gives marketers the opportunity to reach consumers at the point of purchase while they are making their buying decisions in a ubiquitous manner.
“This announcement marks Quotient’s entry into a new channel in our expansive omnichannel offering. Audio can deliver lower-funnel, high-impact messages targeted to the right consumers as they are making buying decisions,” said Steven Boal, CEO and Founder at Quotient. “Reaching shoppers with captivating audio while actively purchasing at grocery and drug stores is a development we are all very excited about.”
“We are thrilled to expand into the audio out-of-home space by being the first to offer programmatic access to the largest in-store audio publisher,” said Ari Buchalter, CEO at Place Exchange. “Programmatic buying gives advertisers ease, flexibility and automation which is especially powerful with a digital out-of-home channel like audio, since it delivers messaging at the precise moments before purchases are made, creating immediate impact for brands.”
Audio OOH provides unique benefits to advertisers. It is highly complementary to other omnichannel media used to reach consumers before and during visits to grocery and drug stores. It also allows advertisers to educate, influence and direct a captive shopping audience in every aisle of the store. Audio OOH media can be targeted with Quotient’s exclusive and proprietary data and measured alongside other digital media channels. Available measurement includes total attributable sales, average brand spend per impression, and return on ad spend.
“As the largest in-store audio network in the U.S., we reach over 100 million shoppers each week with digital audio messaging delivered right at the point-of-purchase,” said Gary Seem, President and CEO at InStore Audio Network. “By allowing advertisers to access and purchase our inventory programmatically, audio advertising can be a highly effective, easy-to-manage tool in the marketer’s digital toolbox.”
Brands and retailers can find more information on partnering with Quotient for audio OOH as well as other digital media and promotions by visiting www.quotient.com.
Quotient (NYSE: QUOT) is the leading digital media and promotions technology company
for advertisers, retailers and consumers. Our omnichannel platform is powered by exclusive consumer spending data, location intelligence and purchase intent data to reach millions of shoppers daily and deliver measurable, incremental sales.
Quotient partners with leading advertisers and retailers, including Clorox, Procter & Gamble, General Mills, Unilever, CVS, Dollar General and Peapod Digital Labs, a company of Ahold Delhaize USA. Quotient is headquartered in Salt Lake City, UT and has offices in California, Cincinnati, New York, Bangalore, Paris, London and Tel Aviv. For more information visit www.quotient.com.
Quotient is the registered trademark of Quotient Technology Inc. in the United States and other countries.
About Place Exchange
Place Exchange is the leading SSP for programmatic out-of-home and place-based media. Integrated with omnichannel DSPs, Place Exchange’s patented technology uniquely offers agencies and advertisers the opportunity to fully unify buying and measurement of OOH media with other digital channels, leveraging the same workflow, creatives, reporting, and attribution as for online and mobile advertising. Place Exchange’s unmatched premium supply ecosystem adheres to its Place Exchange Clear certification program that delivers buyers quality, consistency, transparency, and compliance. For OOH media partners, Place Exchange offers the opportunity to access untapped programmatic ad spend with full transparency and control. AdExchanger named Place Exchange a 2020 and 2021 Programmatic Power Player. For more information about Place Exchange, visit www.placeexchange.com.
About the InStore Audio Network
The InStore Audio Network is the largest in-store audio advertising provider in the United States and delivers commercial audio messages to shoppers in over 16,000 grocery, drug, and convenience stores. The InStore Audio Network provides music programming and equipment, retail specific messaging and third party branded messaging ad sales to retailers such as CVS, Rite Aid, Albertsons, Safeway, Southeastern Grocers, Ahold, Tops Markets, Weis Market and Brookshires. By reaching consumers at the point-of-purchase in a captive media environment with a compelling audio message, the InStore Audio Network delivers over 460 million impressions a month and delivers proven sales lift for participating advertisers. The InStore Audio Network has corporate offices in Princeton, NJ and is headed by Jeffrey Shapiro, Chairman and Gary Seem, President/CEO. More information can be found at the company’s web site: www.instoreaudionetwork.com
InStore Audio Network Partners with CVS Health
Princeton, NJ – April 6, 2021 – InStore Audio Network, America’s largest in-store audio advertising company, is pleased to announce the continuation of their mutually beneficial partnership with CVS Health in 2021 and beyond, to help brands connect with shoppers at the point of purchase with location based, digital audio OOH advertising. This will enable CVS to enhance the customer experience while helping to drive success for the brands they carry by reaching customers at a pivotal point in the buying process: the store. The audio content will be targeted at millions of unique monthly visitors with information on their favorite products.
“We’re pleased to continue our partnership with CVS Health. Their stores are highly desirable by our brand partners and a large contributor to our network of over 16,000 grocery and drug stores. Brands want to talk to shoppers when they are in the stores. Our audio messages reach everyone in the store, regardless of the aisle or category they are shopping, and our messages help sell more products. We support our retail partners by generating revenue and monetizing their in-store audiences,” said Gary Seem, CEO of InStore Audio Network.
About the InStore Audio Network
The InStore Audio Network is the largest in-store audio advertising provider in the United States and delivers commercial audio messages to shoppers in over 16,000 grocery, drug, and convenience stores. The InStore Audio Network provides music programming and equipment, retail specific messaging and third party branded messaging ad sales to retailers such as CVS, Rite Aid, Albertsons, Safeway, Southeastern Grocers, Ahold, Tops Markets, Weis Market and Brookshires. By reaching consumers at the point-of-purchase in a captive media environment with a compelling audio message, the InStore Audio Network delivers over 240 million impressions a month and delivers proven sales lift for participating advertisers. The InStore Audio Network has corporate offices in Princeton, NJ and is headed by Jeffrey Shapiro, Chairman and Gary Seem, President/CEO. More information can be found at the company’s web site: www.instoreaudionetwork.com
Gary Seem, President/CEO
InStore Audio Network
Jeffrey Shapiro, Chairman
InStore Audio Network
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ABBY AND KATIE (members of the InStore Audio Network sales team) GET UP EARLY IN NYC TO BE SEEN ON THE TODAY SHOW!