Airtasker signs $6m deal with oOh!media
Community marketplace Airtasker has signed a $6 million media partnership with oOh!media.
In a bid to ramp up its investment in brand awareness across Australia, the partnership – announced to the ASX on Wednesday morning – will allow Airtasker to scale through access to the out-of-home company’s 35,000 sites across the country, including billboards, street furniture, airports, office towers and retail centres.
Airtasker’s CEO, Tim Fung, said outdoor media was the no-brainer route to take to achieve this goal.
“We’re super excited to be partnering with oOh!media in Australia and building on the momentum of our media partnership strategy,” Fung said.
“We believe outdoor media is incredibly impactful because of its unmissable nature in a media landscape which is becoming increasingly crowded.”
The partnership will provide opportunities for Airtasker to explore new digital formats and contextually relevant locations, enabling the brand to reach customers at the right time and place. Airtasker hopes to show Aussies that if they need something done – like furniture assembling or tech installation – they should use Airtasker.
“We’ve already seen some incredible results with our $6.7m Channel 4 media partnership in the UK delivering 49% growth in posted tasks in the third quarter of FY24, after launching a little over 6 months ago – so we’re super excited to be building on that momentum with oOh!media in Australia.”
Chief strategy and transformation officer at oOh!media, Andrew Every, said: “We’re thrilled to be partnering with Airtasker. This collaboration allows Airtasker to leverage the strength of our unrivalled network and sophisticated data techniques to support its mission of driving growth in their trusted community platform.”
The ASX announcement outlined the terms of the partnership, saying it will “provide Airtasker with $6 million in oOh!media inventory, in exchange for a two year, $5 million convertible note with a 5.8% coupon rate. At maturity, Airtasker will have the option to convert the outstanding note and coupon into ordinary shares at a 10% discount to its 30-trading day volume-weighted average share price, or repay the outstanding note and coupon in cash”.
In Q1 2024, Airtasker reported positive free cash flow of $2.5 million and $19.7 million in cash and term deposits on balance sheet with zero debt.
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Happy to explain: Have your task completed by weekend warriors.
The second paragraph literally starts with “In a bid to ramp up its investment in brand awareness across Australia.”. Are you suggesting that a broadcast channel like Out-of-Home can’t do that?
id imagine the vast majority of australia doesnt know what an airtasker is. The product still needs explaining.