Join our daily newsletter At The Bell to receive exclusive market insights
Community task platform provider Airtasker (ASX:ART) has confirmed its execution of an advertising deal with Ooh!Media (ASX:OML).
Ooh! will give Airtasker $6M worth of its outdoor advertising inventory in exchange for a 2-year $5M convertible note with a 5.8% coupon rate.
Airtasker can convert that note, upon maturity, into ordinary shares at a 10% discount to Airtasker’s four week average share pice or repay in cash.
Ooh!Media has over 35,000 outdoor advertising assets across Australia – think billboards, retail centres, office towers, and universities.
Airtasker, clearly, is seeking to get its name out there. The deal could be fortuitous: it comes at a time when the Australian labour market is slowly beginning to soften.
Airtasker also noted on Wednesday the deal with Ooh! could see it reaching customers in “contextually relevant locations.”
The company pointed toward an existing deal it had with the UK’s Channel 4, where a $6.7M deal saw job ads posted on Airtasker jump 49% in Q3 of FY24.
“We believe outdoor media is incredibly impactful because of its unmissable nature in a media landscape which is becoming increasingly crowded,” Airtasker CEO Tim Fung said.
The company’s one year returns are up 42% and it boasts a market cap of $113M.
Airtasker last traded at 25cps.
