Airtasker raises $5m in media capital with Aussie broadcast company ARN Media
Deal expected to boost brand awareness across the country
Follows deals with oOh!media and UK’s Channel 4
Special Report: Online marketplace for local services Airtasker has raised $5m in media capital from Australian broadcast and on-demand audio company, ARN Media (ASX:A1N), to scale brand awareness and turbocharge growth in Australia.
Airtasker (ASX:ART) will access ARN’s extensive Australian network of 58 radio stations including KIIS FM, Pure Gold and CADA – which feature popular Australian media talent including Kyle & Jackie O, Will & Woody and Jonesy & Amanda – as well as the world’s fastest growing digital entertainment platform iHeartRadio.
The deal builds on the recently announced agreement with outdoor media company oOh!media (ASX:OML), and expands Airtasker’s Australian media capital reserves over 2 years to $11m from both partners.
It also follows on from the company’s $6.7m Channel 4 media partnership in the UK in June 2023.
Airtasker says it will support this increased brand focus through continued and complementary online marketing strategies, including search and social.
Access to an extensive broadcast media network
“We are thrilled to be building on the momentum of our global media partnership strategy by partnering with ARN and their enormous audio network,” Airtasker CEO Tim Fung said.
“With podcasting and digital radio more popular than ever, audio is having a huge renaissance and presents a massive opportunity.
“The sheer ARN audience numbers – including for Kyle & Jackie O and Will & Woody – will amplify the stories that come with millions of tasks completed each year in the Airtasker community.”
ARN national agency sales director Angus Leech said the partnership is representative of the types of long term, multi-dimensional relationships that it aspires to with clients.
“Mutually beneficial by nature, the partnership will deliver the brand results that Airtasker seeks, while also allowing ARN to get closer to the community of listeners that we create content for each day,” he said.
The terms of the partnership provide Airtasker with $5m in ARN audio media inventory in exchange for a 2-year $5m convertible note with a 5.8% coupon rate.
At maturity, Airtasker has the option to convert the outstanding note and coupon into ordinary shares at a 10% discount to Airtasker’s 30-trading day volume-weighted average share price or repay the outstanding note and coupon in cash.
This article was developed in collaboration with Airtasker, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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