In-store audio ad companies join forces to create large retail media network
Two companies that offer media in stores with grocery clients comprise Kroger, Albertsons, Southeastern Grocers and many more. They are collaborating to create what they describe as the most significant media outlet for retail across the U.S.
The Indianapolis-based company for marketing tech Vibenomics was purchased earlier this year by the experiential media firm Mood Media. The companies announced it is combining its operations with Montreal’s Stingray Advertising on Tuesday.
In the new arrangement, the companies will reach over 800 million people who shop monthly through in-store audio ads in 25,000 drug, grocery and convenience stores, homes, and home-improvement stores. The companies are planning to expand their reach to other industries this year.
“Current in-store advertising is fragmented and inconsistent,” Mood Media CEO Malcolm McRoberts said. “Our new sales relationship with Stingray Advertising marks a transformative shift in the retail media landscape by creating a new standard for buying retail media that enables greater scale and deeper connections with shoppers.”
The companies have stated they would like to run the retail media and entertainment network on a single platform by the beginning of 2024. Retailers in the network comprise Hy-Vee, Food Lion, CVS, Rite Aid and others.
Customers can purchase the inventory of digital audio advertisements on the network.
For retailers, the network will provide measures such as impressions received, return on ads spent in stores, timestamps, and omnichannel closed-loop attribution data that is compatible with closed loops according to the companies.
“It offers a remarkable platform for brands to connect with their target audience on a large scale across multiple media channels, maximizing their reach and impact,” the joint statement read. “In-store audio advertising is rapidly gaining momentum among brands due to its ability to influence shoppers at the point of purchase and consistently deliver significant sales lift.”