Digital advertising technology company Fork Media recently acquired a majority stake in Rappio Advertising, the digital audio advertising start-up, in order to boost its audio ad sector.
As part of the deal, the team at Rappio Advertising joins Fork Media’s sales and tech division in Mumbai. Rappio Advertising’s CEO and Founder Nirav Shah will be leading a new business division within Fork Media.
“Rappio can cause a disruptive opportunity for brands to take their radio spends into the digital medium with a high degree of measurability, targeting, and transparency,” said Samar Verma, CEO and Founder of Fork Media. “We have always believed in collaborating with the best minds in the adtech space and have been able to deliver many differentiated offerings to brands through our past acquisitions.”
Founded in 2013, Fork Media provides mobile and video solutions for advertisers and publishers, reaching around 65 million users each month.
The company signed an agreement with digital media firm Ziff Davis, to operate media entertainment brand IGN and male lifestyle magazine AskMen in India in November 2016. Just three months before, it had acquired a majority stake in Inuxu, the advertising technology company, for $3 million.
Meanwhile, Rappio Advertising was established in 2016 to enable brands to promote their ads as jingles, promos and ad ringtones.
Although mobile audio advertising is still in its infancy, 532 marketing professionals told Advertising Age, The Trade Desk, and Advantage Business Research, that 7% of their advertising budgets/inventory were being allocated to digital audio ads in 2016, and that figure was set to reach 11.6% within 12 months.