Veritone® Announces Expanded Agreement to Provide Cumulus Media Radio Stations with AI-Enhanced Analytics for Advertising Ca...
November 29 2018 - 8:00AM
Business Wire
Veritone Inc. (NASDAQ: VERI), the creator of the world’s first
operating system for artificial intelligence, aiWARE™, today
announced an expanded agreement with Cumulus Media, the second
largest owner and operator of radio stations in the U.S., to
license the aiWARE technology to provide near real-time advertising
intelligence and insights for Cumulus' advertisers and sponsors.
Under this agreement, Cumulus Media radio stations in the top 50
markets will be able to leverage Veritone’s artificial intelligence
platform to quantify results through increased transparency,
metrics, and analytics for both spot-based and endorsement-based
advertising campaigns.
“Proving return on investment for radio ad campaigns remains a
major challenge for radio stations and advertisers alike,” said
Ryan Steelberg, co-founder and President of Veritone. “We are
pleased to provide radio powerhouse Cumulus Media access to our
state-of-the-art AI platform, aiWARE, which will provide its
customers with the AI-derived analytics needed to quantify their
return on investment. These insights will help empower Cumulus’
sales force and national sales partners to engage in more
data-driven conversations with advertisers and support their
ongoing efforts to grow revenue.”
Radio is considered the leading reach platform, with more than
243 million American adults listening each month. Radio advertising
spending in the U.S. is expected to reach $18.87 billion by the end
of 2021.*
Cumulus Media is among the hundreds of radio stations in the
U.S. that are leveraging the aiWARE platform to generate actionable
insights regarding their radio advertising campaigns. This
agreement will also allow Cumulus to provide insights to its
national sales representative partners to enable them to more
effectively market the collective group. aiWARE will empower both
local and national sales staffs with streamlined workflow
efficiency to recap campaigns and generate air-checks around both
spot-based and native campaigns.
"As advertising has become more data-driven, it's imperative
that we as an industry evolve to meet the needs of advertisers,”
said Dave Milner, EVP of Operations at Cumulus Media. “We know
radio works which is why we just launched the EPC Guarantee that
gives free advertising if our campaign fails to meet the results we
promise to deliver. Radio remains the number one reach medium in
America and is also highly efficient. Veritone now enables us to
quantify the value delivered through any radio broadcast campaign
or on-air sponsorship, at scale. It also affords Cumulus
advertisers a whole new level of capabilities, like measurement of
earned media."
* Statistica:
https://www.statista.com/statistics/272652/radio-advertising-revenue-in-the-us/
About Veritone
Veritone (Nasdaq: VERI) is a leading provider of artificial
intelligence (AI) technology and solutions. The Company’s
proprietary operating system, aiWARE, which Veritone can deploy in
public or private cloud environments or on the customer’s premises,
orchestrates an expanding ecosystem of machine learning models to
transform audio, video and other data sources into actionable
intelligence. aiWARE’s open architecture enables customers in the
media and entertainment, legal and compliance, and government
sectors to easily deploy applications that leverage the power of AI
to dramatically improve the efficiency and effectiveness of their
operating activities. Veritone is headquartered in Costa Mesa,
California with over 300 employees, and has offices in Denver,
London, New York, San Diego, and Seattle. To learn more, visit
Veritone.com or follow us on Twitter and LinkedIn.
About Cumulus Media
A leader in the radio broadcasting industry, CUMULUS MEDIA
(NASDAQ: CMLS) combines high-quality local programming with iconic,
nationally syndicated media, sports and entertainment brands to
deliver premium content choices to the 245 million people reached
each week through its 440 owned-and-operated stations broadcasting
in 90 U.S. media markets (including eight of the top 10),
approximately 8,000 broadcast radio stations affiliated with its
Westwood One network and numerous digital channels. Together, the
Cumulus Radio Station Group and Westwood One platforms make CUMULUS
MEDIA one of the few media companies that can provide advertisers
with national reach and local impact. The Cumulus Radio Station
Group and Westwood One are the exclusive radio broadcast partners
to some of the largest brands in sports, entertainment, news, and
talk, including the NFL, the NCAA, the Masters, the Olympics, the
GRAMMYs, the Academy of Country Music Awards, the American Music
Awards, the Billboard Music Awards, and more. Additionally, it is
the nation's leading provider of country music and lifestyle
content through its NASH brand, which serves country fans
nationwide through radio programming, exclusive digital content,
and live events. For more information, visit
www.cumulusmedia.com.
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VERITONERAISE CommunicationsCari Sommer,
646.480.6783cari@raisecg.com
Cumulus Media (NASDAQ:CMLS)
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