TargetSpot Acquires Ronning Lipset Radio
Our portfolio company TargetSpot, which is the leader in streaming audio monetization, has acquired Ronning Lipset Radio, the largest internet radio ad sales organization. This is a great marriage, technology plus sales, and makes TargetSpot the largest online radio ad network.
Many people don't realize it, but online radio reaches over 50mm listeners per month in the US. There is a huge and loyal audience for online radio and it's growing very quickly. And yet the online radio ad market is less than 1% of the total radio ad market. Like all advertising markets, the imbalance between audience size and ad revenue share will balance out over time and we are very bullish on the online radio ad market.
So we are very excited to have the largest online radio ad network, TargetSpot, in our portfolio. And we are very fortunate to have Eric and Andy, the founders of Ronning Lipset, join the TargetSpot team as head of our sales organization.