New York (April 24, 2007) – TargetSpot, Inc., a powerful ad serving technology and marketplace for advertisers and internet broadcasters, announced today it has received funding from Union Square Ventures, CBS RADIO (a division of CBS Corporation) and Oddcast, Inc., and introduced Doug Perlson as its Chief Executive Officer and co-founder.
TargetSpot’s cutting edge technology allows businesses and individuals to create, buy and place their own advertising messages within streaming media. In addition to its investment, CBS RADIO will utilize the technology on its more than 100 music, talk, sports and news radio stations broadcasting live online. Additionally, TargetSpot will offer a solution for streaming video advertising later this year.
With TargetSpot, advertisers can create customized audio, video, banner and text ads using an array of jingles, sound effects and visuals provided by TargetSpot. Clients can also upload their current creative directly into their web account. Ads are then targeted to a specific demographic, location and/or property. Campaign costs vary with advertising revenue being shared among TargetSpot and the participating broadcaster.
“This is the first platform to allow all businesses, regardless of size, to easily and cost-efficiently utilize streaming media advertising,” said Doug Perlson, TargetSpot’s CEO. “TargetSpot democratizes what has traditionally been the domain of large advertisers with big creative budgets.”
Mr. Perlson joins TargetSpot after serving as Chief Operating Officer of Seevast (formerly known as Kanoodle), the owner and operator of internet-based marketing services businesses. Prior to that, Mr. Perlson served as SVP Partner Development and Operations at About.com
“Doug has been building successful, innovative advertising networks and technology solutions for the past seven years, and we are very excited to have him lead the company,” said Fred Wilson of Union Square Ventures.
TargetSpot has been in development for over a year and originated from a need for an end to end ad serving solution for the streaming radio stations operated by CBS RADIO. Working with Oddcast, who had worked with the company on numerous projects and are seen as some of the smartest media technologists in advertising, they built the core technology in unison. Following successful beta tests, Oddcast and CBS RADIO teamed up with Perlson to turn the technology into an independent business and expand to streaming video as well.
“What we have created is a sophisticated advertising platform unlike any other technology being used by radio today,” said Dan Mason, President and CEO, CBS RADIO. “Advertising in streaming media isn’t like putting up a banner ad on a web page, which is where the technology was when we conceived the idea for TargetSpot. The technology, among the purest forms of business to business advertising, is specifically designed for monetizing streaming audio and video, and allows internet broadcasters to expand their web offerings while staying in command of their inventory.”
“We needed to build something that has infinite scalability as well as an elegant user interface that works for both small businesses and media professionals alike. After a year of development, that is what we achieved with TargetSpot,” said Adi Sideman, Oddcast’s CEO.
“Until now, most local advertisers have largely been limited to yellow pages, inserts, direct mail and weekly newspapers,” said Mr. Perlson. “Because of production costs and an inability to properly target their advertisements to local audiences and programming, audio and video advertising has never been an option. TargetSpot changes that.”