Costa Mesa-based Veritone Inc. says that Cox Media Group isn’t the only big-name broadcaster interested in the company’s artificial intelligence applications.
Veritone has created an AI operating system called aiWARE; the product helps to track advertisers’ visibility and return on investment.
Cox is using a selection of the aiWARE products for the Atlanta-based company’s collection of 60-plus radio stations in 11 markets.
“Veritone helps broadcasters not only demonstrate to their advertiser exactly when their ad ran, but more importantly, correlate the ad against their advertiser’s e-commerce traffic and subsequent transactions,” Veritone (Nasdaq: VERI) Marketing Vice President Mike Morper told the Business Journal shortly after the Cox announcement on July 10.
Morper said he couldn’t comment on the value of the just-announced contract, “However, we have seen an expansion of our relationship with Cox since we first started working with them.
“As you can appreciate, we have many other broadcasters interested in providing this value to their advertisers too,” Morper said.
Cox is now among the top five of Veritone’s radio broadcaster customers; it has stations in Atlanta, Houston, Tampa-St. Petersburg; Dayton, Ohio, and other cities.
Providing Evidence
Advertisers are demanding “concrete evidence” that publicity and media spending is working, according to Veritone.
“Radio stations are constantly competing for share-of-wallet with digital advertising alternatives,” Morper said by email in response to questions. “While radio is still the best medium for reach, stations still have an obligation to demonstrate the efficacy of their advertiser’s campaigns. And it is for this reason; we are seeing broadcasters adopt our AI-based applications.”
Other similar users include Costa Mesa’s CMG Radio, which uses the company’s aiWARE-powered applications to provide AI-powered analytics and insights for its local direct-sales teams and its national advertising partners. Additionally, the CMG Radio content team uses Veritone’s software to generate insights more efficiently and choose which on-air content should be extended to digital mediums such as social media.
Veritone will release second-quarter earnings on Aug. 7. On May 8, the company reported first-quarter revenue jumped 177% to $12.1 million, year-over-year.
After its initial public offering in 2017, Veritone was a high flyer with a market cap almost reaching $1 billion.
It had a $162 million market value last week.
