Digital audio software, ad tech and monetisation engine, all-in-one
AudioValley is a Belgian technology company active in the field of digital audio disruption covering most of the industry’s value chain: from music licencing to software enabling the creation, streaming and hosting of digital audio content over the internet for a range of publishers including online radio channels, podcasts, connected hardware, etc. The digital audio market is growing fast, catching up (Europe) or taking over (North America) analogue audio in terms of audience. We expect digital audio ad spend to grow at 21% CAGR 2019-23e. The company's main USP, and growth driver, is its global digital ad selling business, Targetspot, a technology platform allowing digital audio publishers to monetise their audience through targeted advertising. The B2B platform consists of an ad tech software providing audience/listener data management with real-time analytics allowing for targeted advertising over streaming audio, the sweet-spot for any global or local advertisers (looking for efficiency) and publishers (looking to monetise their audience with higher CPMs). AudioValley operates globally, with over 1.1bn monthly impressions moving through its ad server (70% in N. America) . Targetsport has over 80 publishers under contract including Soundcloud, Deezer, TuneIn, Sonos, Skyrock, Fox News, and Entravision, and more than 200 advertisers including McDonalds, Volkswagen, Ikea, Mediamarkt, BNP Paribas, etc. Over 70,000 internet radios worldwide use AudioValley’s technology and 200m hours of streaming per month runs through its platform. We expect AudioValley to deliver 55% sales CAGR 2020-22e, by gaining market share in a fast-growing market and through is strong position in Europe, the fastest growing market in digital audio ad spend. AudioValley is valued at 1.4x EV/Sales ’21e, a 57% discount to Ad tech & related peers and a 58% premium to listed Ad agencies peers, neither group being fully comparable. AudioValley is expected to deliver superior growth than those peers going forward, but with lower profitability for the moment and with a more leveraged balance sheet.
Audiovalley SA is a Belgium-based company specialized in the digital audio industry. The Company offers services ranging from monetization of digital radio, licensing, in-store digital audio commercialization to the creation, streaming and hosting of online radio. Its product portfolio includes Radionomy, which is a free platform that enables users from around the world to create their own digital radio on the Internet and FM radios, as well as provides tools to broadcast, promote and monetize their radio; Storever, which is an international agency offering in store solutions for brands covering music services, digital signage, interactive solutions and audiovisual equipment for retail players, and Jamendo, which is an independent global music community that supports independent artists by licensing their musical works for commercial use, among others. The Company is also present in France, the United states, Germany, Spain, China and Luxembourg.
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