Radio digital content platform provider SoCast has announced it is acquiring the AMP radio client business of competitor Frankly Media, a subsidiary of GameSquare.
In a deal valued by GameSquare at $4 million with $3 million at closing and an additional $1 million based on future revenue, SoCast will add the content management platform and related services of approximately 700 radio stations including Cumulus Media to their client-base. Frankly had acquired the assets from Triton Digital in May 2019 for $3 million. Both SoCast and AMP provide WordPress based platform solutions to radio customers with the deal giving SoCast over 2,000 stations using their services.
SoCast CEO Elliott Hurst commented, “As on-air engagement and traditional advertising face challenges, our acquisition of Frankly’s AMP radio clients signals a new beginning for radio broadcasters. SoCast is renewing its pledge to empower the radio industry, bringing innovation, and propelling our clients into a digital future.”
SoCast, the leading provider of digital transformation for radio broadcasters, proudly announces its strategic acquisition of the AMP radio client business from competitor Frankly Media, a subsidiary of the public company GameSquare. This acquisition is further evidence of SoCast’s commitment to providing the radio industry with the necessary assets to win the digital battle for both audience and advertisers. SoCast is radio’s “digital first” partner, and this acquisition moves SoCast and its clients one step closer to fully thriving in the digital space.
The AMP product suite including its content management platform was developed by Triton Digital and sold to Frankly in 2019. Now, under ownership by SoCast, the AMP products and services will seamlessly integrate into the SoCast ecosystem, enhancing the array of tools available to SoCast clients. An important element of this expansion is the introduction of the Rewards solution, a valuable addition to SoCast’s integrated Promotions tool, offering broadcasters innovative ways to engage and monetize their audience.
What This Means for Radio Broadcasters
SoCast understands how to help transform radio broadcasters into digital businesses. Clients who have embraced SoCast’s innovative platform have experienced remarkable results, with a fourfold increase in productivity across their staff and substantial growth in their digital revenue percentages. Regarding the Frankly deal, Elliott Hurst, SoCast CEO commented, “As on-air engagement and traditional advertising face challenges, our acquisition of Frankly’s AMP radio clients signals a new beginning for radio broadcasters. SoCast is renewing its pledge to empower the radio industry, bringing innovation, and propelling our clients into a digital future.”
As a result of this landmark transaction, SoCast’s radio client portfolio grows to encompass 250 broadcasters, spanning an impressive 2,000+ radio stations and a thriving community of 7,500 users in programming and sales. Additionally, SoCast is welcoming several large and notable broadcaster groups into its client portfolio including Cumulus Media, which in turn solidifies its commitment to being an industry leader and an essential innovation partner for radio. Plus, the addition of key client service personnel from Frankly Media ensures that service quality and continuity remain paramount for all former Frankly clients.
Doubling Down on Innovation
Numerous benefits await SoCast’s current clients following this acquisition of Frankly’s radio assets. Clients will receive increased service with an expanded account team that has a collective 50+ years of experience in radio, plus there will be new products and services such as the Rewards system. Perhaps the greatest benefit is the enhancement to SoCast’s already robust innovation. With this expansion, SoCast is doubling its annual R&D budget to drive innovation that empowers radio broadcasters to thrive in the digital age. The landscape is evolving rapidly, and SoCast is committed to ensuring that its clients have the cutting-edge tools and resources their programming and sales professionals need to succeed.
Client radio stations are already expressing excitement about the combined resources this acquisition brings about. Kacey Ober, Director of Web Development & Creative Services for Hall Communications stated, “Our team at Hall Communications has nine websites currently overseen using Frankly Media and six more that are SoCast driven. We look forward to the combined capabilities and updated tools that will come with this acquisition.”
SoCast’s Vision for the Future
In a world where on-air listening and sales are on the decline, and digital continues to soar, radio broadcasters face unprecedented challenges. Radio is no longer just competing for audiences and advertisers with neighboring stations, but the competition now includes digital powerhouses. SoCast remains steadfast in its mission to simplify digital transformation for radio broadcasters by providing user-friendly platforms, flexible partnerships, and modern workflows.
According to SoCast COO, Sandy Hurst, “A stronger SoCast means a stronger innovation partner for radio. As on-air listening and ad sales struggle, digital continues to skyrocket. SoCast is here to ensure radio not only competes but thrives in this new era.”
This story first appeared on radioinsight.com