MONTREAL — Commercial music service provider and media company Stingray Group Inc. announced today it has acquired Princeton, N.J.-based InStore Audio Network “for total consideration of up to approximately C$59 million subject to a specific earn out mechanism set forth in the purchase agreement,” says Stingray’s press release announcing the deal.
InStore Audio Network is “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 U.S.,” according to the press release.
The company “enables the monetization and delivery of highly targeted digital audio advertising at a location level via custom curated streaming music services.”
Some of the U.S. retailers who use InStore Audio Network’s retail media solutions include CVS, Rite Aid, Albertsons, Safeway, Southeastern Grocers, Ahold, Tops Markets, Weis Market and Brookshires.
“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,” the release says.
Stingray will wholly own and operate InStore Audio Network, under the continued leadership and direction of its current management team, according to the release.
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.”
“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, in the press release.
“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.”
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