Mood Media’s new Vibenomics advertising division and Stingray (TSX: RAY.A; RAY.B) Advertising, a prominent provider of innovative retail audio advertising solutions, has agreed to combine their respective networks creating, what they believe is, the largest U.S. retail media in-store network.
The press release stated that this collaboration will provide advertisers with an unmatched national presence, reaching over 800 million monthly shoppers through in-store digital audio advertising across 25,000+ brick-and-mortar locations nationwide. The expansive network encompasses major players in key retail verticals such as grocery, drug, convenience and home improvement. Expansion to other verticals will continue in 2024.
“Current in-store advertising is fragmented and inconsistent,” said Malcolm McRoberts, Mood Media CEO. “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. As retailers continue to invest in digital technology to elevate the in-store environment, the customer experience will be unmatched.”
We are told that this highly-complementary sales agreement will streamline programmatic advertising across all networks, taking advantage of Vibenomics’ advanced capabilities. By maintaining existing relationships with established accounts, clients will have a seamless and efficient way to purchase digital audio advertising inventory across the combined network. This unified approach, top-tier turn-key production services and comprehensive reporting ensures a national scale for all advertisers. Whether in the CPG, pharmaceutical, healthcare, consumer tech, entertainment sectors, or non-endemic brands, and beyond, this inclusive solution caters to a wide range of industries.
This announcement comes during a period of significant growth for retail media networks, as U.S. retail media spending is on the rise, increasing from $31B in 2021 to an anticipated $61B by 2024. 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. Mood Media and Stingray Advertising are committed to supporting and driving growth through comprehensive and user-friendly in-store digital solutions, which have the potential to streamline retailer management and enhance buy-side activity.
“Joining forces with Mood Media enables us both to create the largest retail media network in the United States,” said Eric Boyko, President, Co-Founder and CEO of Stingray. “Our combined national scale presents a unique advantage to the market with more consistency across networks, improved transparency and more predictable CPM and fill rates for retailers. Our alliance sets a new standard for retail advertising nationwide.”
The collaboration will also benefit from Mood Media’s extensive solution suite and global reach, encompassing over 500,000 locations worldwide, and Stingray’s in-store brand experiences for more than 140,000 locations across the globe to unlock unparalleled opportunities for advertisers. 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.
To discover the power of combined retail media and explore the new Vibenomics and Stingray Advertising capabilities, visit the FAQ here.