Spot auction supplier Bid4Spots said its terrestrial radio auction reached a high in the week of Feb. 5. It puts the spot value transacted at $224,000.
The company said this was the most that advertisers have spent in a one-week period since it started its service for terrestrial stations in 2005. It says the growth demonstrates the success of its reverse auction approach to radio ad buying and selling. Bid4Spots says 1,500 advertisers and agencies are now signed into the system.
Separately, the company recently launched its reverse auction for Internet radio, as reported here last month, and said it has been embraced “enthusiastically” in its first weeks.