Magnite, the largest independent sell-side advertising company, announced the acquisition of streamr.ai, a platform specializing in AI tools that make Connected Television (CTV) advertising accessible to Small and Medium-sized Businesses (SMBs)-a large and growing revenue opportunity for CTV publishers. Magnite will offer streamr.ai’s technology to its ecosystem partners working with SMBs, including agencies, retail media networks, publishers operating buyer marketplaces, and DSPs. The financial terms of the transaction were not disclosed.
“The CTV advertising opportunity for small businesses is enormous, but it’s been bottlenecked by complexity and high costs,” said Michael Barrett, CEO of Magnite. “streamr.ai’s technology uses AI to accelerate this transition for SMBs, making tasks like CTV creative generation and campaign setup much easier. By offering these tools to our ecosystem partners with SMB clients, we aim to unlock a significant revenue opportunity for our CTV publishers. We’re thrilled to have the streamr.ai team join us, and we’ll continue to grow our AI expertise and capabilities across all Magnite products.”
streamr.ai co-founders, CEO Jonathan Moffie-formerly product lead at Wurl (acquired by AppLovin), OrkaTV, Yahoo and Shutterstock-and CTO Frank Turano, formerly an engineer at Shutterstock and Dotdash Meredith, will join Magnite.
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“Magnite is the perfect home for our technology and talent,” said Jonathan Moffie, CEO and co-founder of streamr.ai. “Magnite shares our vision for helping small businesses grow revenue through CTV advertising, and their relationships and resources will enable us to accelerate that process.”
We believe that Magnite’s acquisition of streamr.ai creates an exciting opportunity to leverage AI to grow CTV advertising, empower the company’s partners with cutting-edge technology, and continue to drive long-term value for our publishers and the broader ecosystem.
SOURCE: GlobeNewswire