Airtasker signs another major media deal

Community marketplace Airtasker has signed another major media deal, this time with radio company ARN.

It follows last week’s ASX announcement of the brand’s $6 million partnership deal with oOh!media, which hopes to allow Airtasker to scale and raise brand awareness, through access to the out-of-home company’s 35,000 sites nationally.

The new deal sees Airtasker raise $5 million in media capital from ARN, which will complement the aforementioned partnership with oOh!media, to scale further.

Together, they expand Airtasker’s Australian media capital reserves over two years to $11 million.

“We are thrilled to be building on the momentum of our global media partnership strategy by partnering with ARN and their enormous audio network,” said Tim Fung, CEO of Airtasker.

“With podcasting and digital radio more popular than ever, audio is having a huge renaissance and presents a massive opportunity.”

Airtasker will access ARN’s extensive network of 58 radio stations including KIIS FM, Pure Gold and CADA, as well as its digital entertainment platform iHeartRadio.

The ASX announcement outlined the terms of the partnership, saying it will “provide Airtasker with $5m in ARN audio media inventory in exchange for a 2-year $5m convertible note with a 5.8% coupon rate. At maturity, Airtasker has the option to convert the outstanding note and coupon into ordinary shares at a 10% discount to Airtasker’s 30-trading day volume-weighted average share price or repay the outstanding note and coupon in cash”.

Fung continued: “The sheer ARN audience numbers – including for Kyle & Jackie O and Will & Woody – will amplify the stories that come with millions of tasks completed each year in the Airtasker community.

“This partnership, combined with our recently announced agreement with oOh!media, brings our available Australian media capital to $11m from both partners. This follows on from our $6.7m Channel 4 media partnership in the UK in June 2023, which is already delivering results. As part of our global media partnership strategy, our agreement with ARN represents an appealing capital-efficient way to drive growth. We can’t wait to get moving!”

ARN’s national agency sales director, Angus Leech, said: “We are thrilled to be welcoming Airtasker to the ARN network in this way.

“The audio partnership is representative of the types of long term, multi-dimensional relationships that we aspire to with clients. Mutually beneficial by nature, the partnership will deliver the brand results that Airtasker seeks, while also allowing ARN to get closer to the community of listeners that we create content for each day.”

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