Loop Media Inc. has signed an agreement to partner with Hivestack, a digital out-of-home ad tech company.
Terms of the deal between the Glendale short form video distributor and Hivestack in Montreal were not disclosed.
Through the partnership, Loop will integrate its ad inventory into the Hivestack supply side platform to expand its advertising business. Additionally, Loop will have the ability to generate more programmatic ad revenue and benefit from the demand from the Canadian company’s demand-side platform, according to a release from Loop.
Hivestack’s technology uses machine learning and computing capabilities to sell, deliver and measure ads across Loop’s vast network of digital screens. Hivestack has focused its technology on audience-centric buys, which leverage various data touchpoints to reach specific audience segments on-the-go while being fully data compliant, the release said.
Ben Abbatiello, global senior vice president of publisher solutions at Hivestack, said that the partnership makes sense for both companies.
Hivestack’s suite of digital out-of-home products provides an opportunity to make further connections with the right audience at the right time at the right place for any media assets, Abbatiello said.
“Our collaboration around LoopTV’s modern brand delivery and abundant screen placements are a strong match for both the out of home and omnichannel budget seeking the best home to tell their story on a global scale,” Abbatiello added in a statement.
Bob Gruters, Loop’s chief revenue officer, called Hivestack a global entity with an impressive reach, which is attractive to Loop as it gains scale outside the U.S.
“We chose Hivestack for many reasons that all ultimately reflect the fact that it is simply a premier, elite provider we admire, and with which we perceive tremendous synergy both immediately and over the long term as we continue to grow our company around the world,” Gruters said in a statement.
Shares in Loop Media (LPTV) closed up on Wednesday 13 cents, or nearly 5%, to $2.75 on the over-the-counter market.