Signing of Content Partnership Deal Leads to Buy Rating for Audioboom Stocks
By Vittorio Hernandez | June 23, 2014 1:32 PM EST
Traders work on the floor of the New York Stock Exchange in this November 29, 2010 file photo.
The news came a day after Audioboom signed a content partnership agreement with CBS Radio Limited and Sky Sports Limited.
The partnership will provide useful content for the company's social media audio platform, Audioboo.
"They are two of the most significant channel partners we have signed and are a great boost to the expansion of our sport and entertainment vertical audio markets," Audioboom CEO Rob Proctor told Alliance News.
The company said CBS is already working on acquiring a full master and sub-channel structure that will launch their two largest stations - New York's sports station WFAN and Los Angeles' music station KROQ.
At present, CBS owns 126 radio stations in 27 territories. The new sub-channel structure will allow 72 million U.S. radio listeners to access CBS content on Audioboo.
Meanwhile, Sky Sports' multi-platform television services have access to over 10.5 million households in UK and Ireland. Its upcoming 40 sub-channels will cover the Premier League and other major Sky Sports broadcasts.
In an earlier interview, Proctor said the platform allows audio publishers to upload their work to the website and Audioboo will automatically syndicate the content for them through other social media platforms, embedded players and content partners.
Audioboo now has 2.5 million registered users and around 13 million active users across all platforms and touchpoints, including the mobile applications and partner Web sites.
From 19 channels during its 2013 launch, the platform now has 2,000 content channels, including news networks like BBC and Aljazeera.
"If you're looking for spoken word content, then you'd be able to find that on Audioboo," Proctor said.
On Thursday morning, following the news on the CBC partnership, Audioboom shares traded 15.36 per cent higher at 5.22 pence per share, which according to Alliance News was one of the biggest gains on the London market.
The day after that, American Banking News said the stocks traded up 10.4 percent during mid-day trading with a trading volume of 3,096,147 shares.
So should investors buy Audioboom stocks? Such developments indicate a green light. The company also has a lot of plans and partnerships in the pipeline. For a company that was launched in 2013, achievements are so far promising and much can be expected with its increasing popularity.
Strike while the iron is hot.
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