(NYSE: P), the largest music streaming service in the U.S., today announced it has completed its acquisition of AdsWizz, the global leader in digital audio advertising technology.
“Audio is the fastest growing format in digital advertising and the marketplace is rapidly evolving,” saidCEO Roger Lynch. “Completing the acquisition cements our position in the future of audio, making us more ready than ever to serve publishers and brands worldwide.”
“We built the AdsWizz platform using innovative technology in service of a simple idea: provide value to all stakeholders in the digital audio ecosystem – including brands, listeners and publishers – with relevant, engaged and highly targeted advertising experiences,” said Alexis van de Wyer, CEO of AdsWizz. “This will not change. We will continue to focus on building the best technology in the industry for our publisher partners everywhere, and on continuing to innovate and enhance our platform, which will be accessible to all.”
AdsWizz will operate as a standalone subsidiary of Pandora, continuing under Alexis van de Wyer’s leadership. At closing, Pandora paid $66.3 million in cash and 9.9 million shares of Pandora common stock. An additional $5 million in cash is payable upon achievement of certain milestone provisions in connection with the acquisition.
Concluded Roger Lynch, “As a publisher, Pandora has long understood the value that a sophisticated advertising platform can bring to everyone in digital audio. We are the leader in this space, and we remain committed to serving all constituents in the ecosystem.”
Pandora is the world’s most powerful music discovery platform – a place where artists find their fans and listeners find music they love. We are driven by a single purpose: unleashing the infinite power of music by connecting artists and fans, whether through earbuds, car speakers, live on stage or anywhere fans want to experience it. Our team of highly trained musicologists analyze hundreds of attributes for each recording which powers our proprietary Music Genome Project®, delivering billions of hours of personalized music tailored to the tastes of each music listener, full of discovery, making artist/fan connections at unprecedented scale. Founded by musicians, Pandora empowers artists with valuable data and tools to help grow their careers and connect with their fans.
AdsWizz has created the end-to-end technology platform that is powering the digital audio advertising ecosystem. AdsWizz powers well-known music platforms, podcasts and broadcasting groups worldwide with a comprehensive digital audio software suite of solutions that connect audio publishers to the advertising community. From dynamic ad insertion to advanced programmatic platforms to innovative new audio formats, AdsWizz efficiently connects buyers and sellers in digital audio. AdsWizz is headquartered in San Mateo, California, with a presence in 39 countries around the world.