This decision was shaped by the fact that Digital Audio is the second most popular activity involving about 204 million listeners in the U.S. alone.
Brightcom Group Board has authorized up to Rs 1000 crores for digital audio acquisitions; the decision was taken in a recent meeting.
It must be mentioned that on March 12, 2021, the group had announced the formation of a new division focused on Digital Audio called “Brightcom Audio.”
This decision was shaped by the fact that Digital Audio is the second most popular activity involving about 204 million listeners in the U.S. alone. This $ 4.2 billion Digital Audio market has only been expanding since. As more users are joining the bandwagon, advertisers are following the users.
On November 7, 2021, the group had announced the appointment of Satish Cheeti as the President and the division head to lead the Brightcom Audio Division in the development and growth of the Audio advertising opportunity for the Company.
Now the group has shortlisted a few North American based Digital Audio Companies. The evaluating team is expected to complete the final negotiations in a few weeks.
The board has also authorised Suresh Kumar Reddy, Chairman and Managing Director and Bradley Cohen, Chief Strategy Officer to sign a non-binding letter of intent towards acquiring a target company or its assets on behalf of the company. The authorisation is for a value up to Rs 1000 crores and for one year.
Source: Business World
