AudioValley Group, the Belgian company that owns audio advertising technology provider Targetspot, is changing its name to take on the brand of its largest division. AudioValley’s Board of Directors has approved its name change to Targetspot. It also plans to sell the Winamp audio player business as part of what the company calls a “refocus” on the digital audio monetization business, where it is seeing strong momentum.
“Our name change reflects our decision to accelerate the growth of digital audio monetization,” said President and Founder Alexandre Saboundjian. “Podcasts, streaming, gaming: in all these fast-growing markets, we are ready to make a difference by capitalizing on our proprietary technologies, a portfolio of massive and international audiences and the trust of major advertisers. By flying the Targetspot flag, we are also clarifying our positioning with our customers and shareholders.
Targetspot accounts for nearly all of AudioValley’s business – last year, 92% of its revenue came from the ad tech unit. Targetspot has also grown rapidly. In the first quarter of this year, its revenue jumped 34.6% after full year 2021 results saw Targetspot’s revenue increase 50% for the full year.
AudioValley says the gains were driven by expanding its business in the United States and Europe. He says the dynamics, as well as the new opportunities offered by the digital audio market, are at the heart of his decision to refocus. The company says the changes should allow 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 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 recruitments necessary for its development, 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 then sold the technology to AOL in 1999 for $80 million. AudioValley – then called Radionomy – bought Winamp and Shoutcast from AOL in 2014 in a deal reportedly valued at between $5 million and $10 million. It announced in 2019 that it planned to release Winamp 6 in 2019 but three years later no updates materialized.
AudioValley’s renaming to Targetspot means that from today (June 24) the company will adopt a new ticker symbol in Paris and Brussels where its shares trade on the Euronext Growth exchanges. It will become “ALTGS”. The company also announced plans to release its mid-year earnings report on July 26.