Airtasker partners with ARN Media to amplify brand through Australia’s airwaves

Online marketplace Airtasker (ASX: ART) has raised $5 million in media capital from broadcast and on-demand audio company ARN Media (ASX: A1N) to scale brand awareness and turbocharge its growth in Australia.

The partnership follows a $6m deal with outdoor media company oOh!media (ASX: OML) last month, also aimed at raising Airtasker’s national presence.

These agreements add to a $6.7 million media partnership secured in June 2023 with the UK’s Channel 4.

Radio network

Under the terms of the ARN deal, Airtasker will gain access to an Australian network of 58 radio stations including KIIS FM, Pure Gold and CADA as well as digital entertainment platform iHeartRadio.

The company will receive $5m in ARN audio media inventory in exchange for a two-year $5m convertible note with a 5.8% coupon rate.

At maturity, Airtasker will have the option to convert the outstanding note and coupon into ordinary shares at a 10% discount to its 30-day volume-weighted average share price or repay in cash.

Global media strategy

Airtasker chief executive officer Tim Fung said the company was keen to advance its newest media deal.

“We are thrilled to be building on the momentum of our global media partnership strategy by partnering with ARN and its enormous audio network,” he said.

“With podcasting and digital radio more popular than ever, audio is having a huge renaissance and presents a massive opportunity.”

“We expect ARN’s sheer audience numbers will amplify the stories that come with millions of tasks completed each year in the Airtasker community.”

Mutual benefits

ARN national agency sales director Angus Leech welcomed Airtasker to the network.

“This audio partnership is representative of the types of long-term, multi-dimensional relationships that we aspire to have with clients,” he said.

“Mutually beneficial by nature, we believe it will deliver the brand results that Airtasker is seeking while allowing ARN to get closer to the community of listeners we create content for each day.”