Airtasker has raised $5 million in media capital from ARN. The partnership will accelerate Airtasker’s media partnership strategy to boost brand awareness in Australia.
Building on Airtasker’s recently announced agreement with oOh!media, the ARN partnership expands Airtasker’s Australian media capital reserves over two years to $11m from both partners.
Airtasker will access ARN’s Australian network of 58 radio stations including KIIS FM, Pure Gold and CADA – which feature Kyle & Jackie O, Will & Woody and Jonesy & Amanda – as well as digital entertainment platform iHeartRadio.
The terms of the partnership provide Airtasker with $5m in ARN audio media inventory in exchange for a 2-year $5m convertible note with a 5.8% coupon rate (Note).
At maturity, Airtasker has the option to convert the outstanding Note and coupon into ordinary shares at a 10% discount to Airtasker’s 30-trading day volume-weighted average share price or repay the outstanding Note and coupon in cash.
In the quarter ending 31 March 2024, the company reported positive free cash flow of $2.5m and $19.7m in cash and term deposits on balance sheet with zero debt.
Airtasker CEO Tim Fung said: “We are thrilled to be building on the momentum of our global media partnership strategy by partnering with ARN and their enormous audio network. With podcasting and digital radio more popular than ever, audio is having a huge renaissance and presents a massive opportunity.
“The sheer ARN audience numbers – including for Kyle & Jackie O and Will & Woody – will amplify the stories that come with millions of tasks completed each year in the Airtasker community.
“This partnership, combined with our recently announced agreement with oOh!media, brings our available Australian media capital to $11m from both partners. This follows on from our $6.7m Channel 4 media partnership in the UK in June 2023, which is already delivering results.”
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Commenting on the partnership, ARN national agency sales director, Angus Leech said: “We are thrilled to be welcoming Airtasker to the ARN network in this way. This audio partnership is representative of the types of long-term, multi-dimensional relationships that we aspire to with clients. Mutually beneficial by nature, the partnership will deliver the brand results that Airtasker seeks, while also allowing ARN to get closer to the community of listeners that we create content for each day.”