Last week Google CEO Eric Schmidt said to think of the company fist as an advertising system. True to his word, Google and Clear Channel Radio have entered into a multi-year deal that will allow Google to sell 30-second advertising inventory on 675 of Clear Channel’s AM/FM stations.
Google Finds Clear Channel For Radio Ads
Google Audio Ads advertisers will have nationwide distribution, which will be geared towards specific audiences, at specific times, in targeted markets. The partnership gives Clear Channel an additional sales avenue and opens their inventory to advertisers who have not used radio before.
“This is a true win-win,” said John Hogan, Chief Executive Officer of Clear Channel Radio. “Clear Channel Radio gets access to an entirely new group of advertisers within a new and complementary sales channel, and Google adds another option for its existing customers.”
“Google has proven its ability to gain premiums for advertising inventory and that fits perfectly into our broader strategy of building value for advertisers while increasing our overall revenue yield. We’re committed to working with the best-in-class and Google has a real economic incentive to produce meaningfully higher CPMs.”
Clear Channel will continue to focus on the company’s advertiser relationships, and on advertisers who request specialized advertising packages. Google will concentrate on advertisers who currently run ads online but do not run ads on radio. Financial terms of the agreement are not being disclosed.
“Clear Channel is the market leader in delivering radio value to consumers and advertisers and has built an innovative platform to manage its on-air ad inventory,” said Eric Schmidt, Chief Executive Officer of Google.
“We look forward to working with Clear Channel Radio by providing a unique set of advertisers and a system that will increase the effectiveness and measurability of connecting advertisers with radio listeners.”
