{"id":11438,"date":"2024-06-26T03:43:13","date_gmt":"2024-06-26T03:43:13","guid":{"rendered":"https:\/\/economicherald.net\/?p=11438"},"modified":"2024-06-26T03:43:13","modified_gmt":"2024-06-26T03:43:13","slug":"airtaskers-6-million-deal-with-oohmedia-to-raise-profile","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=11438","title":{"rendered":"Airtasker\u2019s $6 million deal with oOh!media to raise profile"},"content":{"rendered":"

Airtasker enters a $6m media partnership with outdoor media company oOh!media to build brand awareness
\nAirtasker to receive $6m in oOh!media inventory in exchange for a 2-year $5m convertible note
\noOh!media has more than 35,000 sites around Australia including billboards, street furniture, airports, office towers and retail centres<\/p>\n

\u00a0<\/p>\n

Special Report: Airtasker has inked a $6m media partnership with leading Australian outdoor media company oOh!media to build brand awareness at its more than 35,000 sites around Australia. <\/strong><\/p>\n

Online marketplace for local services Airtasker (ASX:ART)<\/strong><\/a> has formed a partnership with oOh!media (ASX:OML)<\/strong><\/a>, which it says will enable it to scale in a capital efficient way and substantially raise its profile.<\/p>\n

Under the deal ART will receive $6m in oOh!media inventory in exchange for a 2-year $5m convertible note with a 5.8% coupon rate, enabling it to advertise on oOh!media\u2019s sites.<\/p>\n

At maturity, ART has the option to convert the outstanding note and coupon into ordinary shares at a 10% discount to its 30-trading day volume-weighted average share price or repay the outstanding note and coupon in cash.<\/p>\n

\u00a0<\/p>\n

Access to 35,000 sites Australia-wide<\/strong><\/h2>\n

Founded in 2012 ART provides an online marketplace where users can outsource everyday tasks to other community members, who then bid to complete the task.<\/p>\n

ART believes the partnership provides an opportunity to raise its brand awareness and scale in a capital efficient way through access to OML\u2019s more than 35,000 sites around Australia including billboards, street furniture, airports, office towers and retail centres.<\/p>\n

CEO Tim Fung says the company is excited to be partnering with OML and building on the momentum of its media partnership strategy.<\/p>\n

\u201cWe believe outdoor media is incredibly impactful because of its unmissable nature in a media landscape which is becoming increasingly crowded,\u201d he says.<\/p>\n

\u201cOutdoor media presents exciting innovation opportunities with new digital formats and contextually relevant locations enabling ART to reach customers at the right time and place for when they need a task done, like offering furniture assembly or tech installation services in key retail locations.\u201d<\/p>\n

\u201cWe\u2019ve already seen some incredible results with our $6.7m Channel 4 media partnership in the UK delivering 49% growth in posted tasks in the third quarter of FY24, after launching a little over six months ago, so we\u2019re super excited to be building on that momentum with oOh!media in Australia.\u201d<\/p>\n

ART has a five-year deal with Channel 4, providing the company with advertising airtime to access its 47 million viewers \u2013 78 per cent of the British populace.<\/p>\n

In return, Channel 4 gets a 25% stake in the Airtasker UK subsidiary (not the listed Airtasker).<\/p>\n

OML\u2019s chief strategy and transformation officer Andrew Every says the company is thrilled to be partnering with ART.<\/p>\n

\u201cThis collaboration allows Airtasker to leverage the strength of our unrivalled network and sophisticated data techniques to support its mission of driving growth in their trusted community platform,\u201d he says.<\/p>\n

\u00a0<\/p>\n

On track for FY24 positive cashflow<\/strong><\/h2>\n

After another strong result in Q3 FY24, ART is confident of delivering full year FY24 positive free cash flow.<\/p>\n

In Q3 ART reported positive free cash flow of $2.5m<\/a> and $19.7m in cash and term deposits on balance sheet with zero debt.<\/p>\n

The company says the latest result was achieved through growing marketplace revenue by 11.5% to $10.1m and delivering solid group revenue of $12.2m whilst at the same time improving operating efficiency and reducing total operating expenditure by 6.4% on pcp.<\/p>\n

Furthermore ART\u2019s biggest shareholder and one of its first investors, venture capital firm Exto Partners, remains bullish on the company<\/a>. Exto says its future looks promising as it expands to key international markets.<\/p>\n

\u00a0<\/p>\n

This article was developed in collaboration with Airtasker, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

The post Airtasker\u2019s $6 million deal with oOh!media to raise profile<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Airtasker enters a $6m media partnership with outdoor media company oOh!media to build brand awareness Airtasker to receive $6m in oOh!media inventory in exchange for [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":11439,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nAirtasker\u2019s $6 million deal with oOh!media to raise profile - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=11438\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Airtasker\u2019s $6 million deal with oOh!media to raise profile - 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