iHeartMedia, is now going to acquire the Jelli, which is a programmatic advertising startup to help it expand its digital advertising capabilities.
The acquisition revealed today, which builds on the past two years of the testing as iHeartMedia first began using Jelli’s platform in the year 2016. The technology allows the iHeartMedia to use the consumer data to target out the listeners across the 250 platforms and more than 2000 devices. According to the iHeartMedia CEO, Bob Pittman, jelli lets the advertisers create an impression which is based on media buys.
“Rather than trying to convince the advertisers, ‘no, no, no, no, don’t do that,’ we said if that [kind of service is] of value, we have to build that same capability for our advertisers,” Pittman told Adweek.
Jelli’s technology would not only going to be used for the iHeartMedia. Rather, the company will also continue to offer the programmatic audio services to some of the other broadcast companies.
“This is a unique group of silicon valley digital technologies who have really taken the time to understand the broadcast radio business and help us modernize it and make it compatible with other media,” said Brian Kaminsky, president of iHeartMedia’s Smart Audio and Analytics Group.
In the month of December 2017, iHeartMedia is expected to have the confirmation hearing which is much more related to its chapter 11 bankruptcy filing, which allows the company to merge with the $5 Billion in debt rather than the $20 Billion. Pittman said the move would free up the company to use more of its earnings on “other things” than paying its debt. He said iHeartMedia isn’t looking to acquire any more companies. However, he said, it does plan to be more active in the digital advertising space.
“Suddenly, audio is the shiny new thing, and we want to make sure we’re completely prepared for that demand,” Pittman said. “You don’t get many chances to be a shiny new thing.”
Apple also has its eye on the iHeartMedia as a shiny object, in a different light. According to the report, Apple is also considering taking an equity stake in the iHeart as a way to expand its streaming service.
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