Retail Music Company Vibenomics Raises $12.3M in Series B Funding
American audio advertising and background music company Vibenomics has raised $12.3 million in a Series B funding round.
The company plans to expand its network and advertising reach, and will use the funding to support the launch of additional national networks in grocery, drug and convenience stores.
The round was led by Panoramic Ventures.
Vibenomics claims to offer licensed background music playlists for businesses, as well as professional voice announcements and targeted so-called “out-of-home audio” ads.
Vibenomics claims to work with over 180 advertisers in over 15,000 locations in 49 states, reaching over 250 million unique monthly listeners.
On the company’s website, Vibenomics states that its audio experience managers “work with [clients] choose from [its] solid and evolving collection of licensed music.
Earlier this year, Vibenomics partnered with supermarket chain Hy-Vee, a deal that added 400 more locations across the Midwest for the company.
The company also partnered with U.S. retail company Kroger in May 2020, a deal that Vibenomics says “has established itself as a formidable player in the out-of-home audio (AOOH) market.”
Vibenomics also says it plans to expand to over 20,000 locations by the end of 2023.
Vibenomics joins a list of companies operating in music for business, including Apple Music for Business and Soundtrack Your Brand.
In 2019, Apple partnered with in-store music and entertainment provider PlayNetwork to launch a Music for Business service.
Soundtrack Your Brand, meanwhile, claims to offer more than 58 million licensed songs for businesses and has worked with clients including Joe & The Juice, TAG Heuer and Toni & Guy.
Soundtrack Your Brand renewed a worldwide licensing agreement with Warner Music in October 2020.
“This funding confirms our investors’ belief in the future of Vibenomics and what we are building.”
Brent Oakley, Vibenomics
Brent Oakley, Co-Founder and CEO of Vibenomics, said, “This funding confirms our investors’ belief in the future of Vibenomics and what we are building.
“AOOH’s value, impact and scalability enable retailers to deliver a positive in-store customer experience.
“We anticipate another record year in 2022 and these funds will allow us to continue to innovate and accelerate product development, building on our momentum.”
“We believe Vibenomics’ innovative approach to in-store audio ads in this industry gives us significant leverage to capitalize on a growing market.”
Paul Iaffaldano, Panoramic companies
Paul Iaffaldano, General Partner of Panoramic Ventures, added: “Vibenomics is directing the majority of its efforts towards consumer packaged goods (CPG), a massive and highly competitive advertising sector eager to invest in innovative marketing strategies, particularly at points of sale.
“We believe Vibenomics’ innovative approach to in-store audio ads in this industry gives us significant leverage to capitalize on a growing market.”The music industry around the world