TargetSpot said it won funding from several organizations including CBS Radio, which helped create it.
The company calls itself an ad serving technology and marketplace for advertisers and Internet broadcasters. Other funding came from Union Square Ventures and Oddcast. Co-founder Doug Perlson was announced as CEO. Perlson is former COO of Seevast, which had been Kanoodle, and was an executive at About.com.
The company grew out of CBS Radio’s need for an ad serving solution for its streaming radio stations. TargetSpot’s service allows businesses to create, buy and place ad messages within streaming media. CBS said it will use the technology for its stations online.
TargetSpot also plans to offer a service for streaming video advertising.
Advertisers can create customized audio, video, banner and text ads using jingles, sound effects and visuals provided by TargetSpot. Clients can also upload creative directly into their Web account. Ads are targeted to a specific demographic, location and/or property. Costs vary with ad revenue being shared among TargetSpot and the broadcaster.
The company says it “democratizes what has traditionally been the domain of large advertisers with big creative budgets.”
Dan Mason, head of CBS Radio, said in the announcement, “Advertising in streaming media isn’t like putting up a banner ad on a Web page, which is where the technology was when we conceived the idea for TargetSpot. The technology, among the purest forms of business to business advertising, is specifically designed for monetizing streaming audio and video, and allows Internet broadcasters to expand their Web offerings while staying in command of their inventory.”