Airtasker USA raises US$9.75 million in media capital deal to scale brand

Airtasker USA Inc. has raised a combined US$9.75m (~A$14.4m) in two media capital deals
Deal with iHeartMedia provides Airtasker USA with access to 276m monthly audio listeners
TelevisaUnivision has 100m daily linear TV, digital and audio users to help boost Airtasker USA’s brand awareness

Special Report: Gig economy platform Airtasker has announced its US operating company Airtasker USA Inc. has raised a combined US$9.75m (~A$14.4m) in media capital from the country’s number one audio company, iHeartMedia, and TelevisaUnivision – a leading Spanish-language content and media company.

Airtasker (ASX:ART) said the partnerships provide Airtasker USA with access to 276m monthly iHeart audio listeners and 100m daily TelevisaUnivision linear TV, digital, and audio users, aiming to significantly boost brand awareness in the US.

The partnership with TelevisaUnivision offers US$4.75m (~$7m) in advertising inventory in exchange for a 17.1% equity stake in Airtasker USA, with opportunities to promote the company across:

38 cable networks and 35 radio stations in major US Hispanic markets
Streaming service ViX, which has more than 50 million global monthly active users on its free tier
Opportunities to integrate the Airtasker brand across leading content properties, including Premios Lo Nuestro, the long-running US morning show Despierta America, and digital properties reaching more than 100m daily users.

TelevisaUnivision investment principal Rodrigo Lascurain said the company was thrilled to partner with ART to support their rapid US expansion.

“By leveraging our diverse media assets, we will help Airtasker connect with the US Hispanic community – the nation’s fastest-growing demographic,” he said.

iHeart multi-year strategic partnership

The multi-year strategic partnership with iHeart provides Airtasker with a US$5m (~A$7.4m) in advertising inventory in exchange for a four-year convertible note with a 5% coupon.

ART said the partnership promotes the Airtasker USA brand through:

860 broadcast and streaming stations in 160 US cities, reaching nine out of 10 Americans monthly
The #1 podcast publisher globally, with more than 366 million monthly downloads, according to Podtrac
Potential promotion at major pop culture events, including the iHeartRadio Music Awards and iHeartRadio Music Festival

“We’re very excited to partner with Airtasker and leverage iHeart’s incredible assets and reach to bring a proven model and amazing service to listeners nationwide,” said iHeartMedia president of corporate development and ventures Joe Robinson

‘Super pumped’ to build on global media partnership strategy

ART’s partnerships with iHeart and TelevisaUnivision are part of a broader global media partnership strategy, which includes a partnership with Channel 4 in the UK and recent Australian partnerships with oOh!media (ASX:OML) and ARN Media.

“We are super pumped to be building on the momentum of our global media partnership strategy by joining forces with two of America’s leading media companies – iHeart and TelevisaUnivision – to scale Airtasker in the USA,” said Airtasker CEO Tim Fung.

“Whilst these partnerships provide enormous reach, perhaps even more excitingly – by joining forces with iHeart and TelevisaUnivision – we can introduce Americans to Airtasker at relevant, localised cultural moments and events, including the much-loved Hispanic morning show Despierta America, Premios Lo Nuestro, and even the iHeartRadio Music Festival, which features a lineup of today’s biggest performers.

“We believe Airtasker’s mission – to empower people to realise the full value of their skills – is incredibly relevant in the US market, and with a population 15 times the market size of Australia, the opportunity ahead of us is absolutely enormous.”

Airtasker divides its business into two main areas – established marketplaces, which includes its Australian operations, and new marketplaces, covering its activities in the US and UK.

In FY24, revenue from the company’s marketplaces globally grew by 9.8% to $38.1m, and its overall revenue rose by 5.6% to $46.6m.

The UK marketplace saw a 20% increase in gross marketplace volume and a 41.1% rise in revenue, driven by the successful Channel 4 television campaign that accelerated demand.

This article was developed in collaboration with Airtasker, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.