AudioValley Changes Name To Targetspot

 

 

AudioValley Group, the Belgian company that owns the audio ad tech provider Targetspot, is changing its name to take on the branding of its largest division. AudioValley’s board has approved switching its name to Targetspot. It also plans to sell off the Winamp audio player business as part of what the company says is a “refocusing” on the digital audio monetization business, where it sees strong momentum.

“Our name change reflects our decision to accelerate growth in digital audio monetization,” said chairman and founder Alexandre Saboundjian. “Podcasts, streaming, gaming: in all of these fast-growing markets we are ready to make a difference by capitalizing on our proprietary technologies, a portfolio of massive, international audiences and the trust of leading advertisers. By bearing the Targetspot flag, we are also clarifying our positioning to our customers and shareholders.”

Targetspot makes up nearly all of AudioValley’s business – last year 92% of its revenue came from the ad tech unit. Targetspot has also been growing at a rapid pace. During the first quarter of this year its revenue jumped 34.6% following full-year 2021 results that saw Targetspot revenue grow 50% for the full year. 

AudioValley says the gains have been driven by expansion of its business in both the U.S. and Europe. It says that momentum, as well as new opportunities offered by the digital audio market, are at the heart of its refocusing decision. The company says the changes should enable it to focus more resources on developing Targetspot’s capabilities. Launched in 2007 as one of the original online audio advertising platforms, Targetspot currently works with audio publishers to provide end-to-end integration between advertisers and publishers through both direct and programmatic buying.

“The next step in this refocusing process will be the sale of our Winamp platform, a project justified by the significant investments and recruitment required for its development, which are now incompatible with our new roadmap,” said Saboundjian.

AudioValley says Winamp currently has 80 million monthly active users worldwide with a mix of podcasts, radio streams, audiobooks and other audio content. Winamp was first developed for Microsoft Windows by Nullsoft, which later sold the technology to AOL in 1999 for $80 million. AudioValley – which was then called Radionomy – bought Winamp and Shoutcast from AOL in 2014 in a deal said to have been valued in the $5 to $10 million range. It announced in 2019 that it planned to release Winamp 6 in 2019 but three years later, no update has materialized.

AudioValley’s name change to Targetspot will mean that as of today (June 24) the company will adopt a new stock symbol in Paris and Brussel where its shares trade on the Euronext Growth exchanges. It will become “ALTGS.” The company also announced it plans to release its mid-year revenue report on July 26.