|Adspace to Expand Digital Network into 40 Malls in 2011|
|Tuesday, 08 February 2011 15:02|
Digital mall network to increase company footprint by 35 percent
NEW YORK, Feb. 8, 2011 /PRNewswire/ -- As the media industry continues its modest recovery from the recession, Adspace Networks stands out, ending 2010 on a high note. Adspace generated 60 percent sales growth in 2010, with a strong fourth quarter, up 80 percent versus year ago. Adspace is expected to supersede this growth in 2011, as the digital mall network will expand into 40 new malls, growing the Company's footprint to a total of 150 malls.
"The addition of 40 new properties will help accelerate growth for our company," said Eric Steinert, Senior Vice President, Business Development, Adspace Networks. "We are pleased to be adding new malls with existing partners such as General Growth Properties, PREIT and CBL, while also entering into new mall developer partnerships in the coming months and years."
The addition of these new Class A malls will increase the network's monthly traffic to 150 million people, in both enclosed malls and lifestyle centers. Adspace added eight new malls to their footprint in 2010, including their first outdoor lifestyle center in Boston. Lifestyle centers will be an important area of growth for the Company.
Adspace's portfolio of advertisers also grew in 2010, with the most significant increase in telecommunications and financial services. While telecommunications advertising quadrupled, financial services advertising increased seven-fold. Film, television, entertainment and consumer packaged goods are important categories that doubled in 2010 versus prior year.
"The success we enjoyed in 2010 not only pleased our investors but also provided the financial wherewithal to deploy another 40 malls this year and to hire more sales people," said Dominick Porco, chairman and CEO, Adspace Networks. "This includes the recent addition of seasoned sales executive Kathy Hassett from National Cinemedia. It also allowed us to expand our office space and to move our headquarters to 99 Park Avenue where we plan on hosting many client/agency presentations throughout the year. We are able to reach more and more shoppers each year and are confident that in 2011 this trend will continue as we add new advertisers, relevant editorial content and malls to the network."
About Adspace Networks, Inc.
Adspace Networks, Inc. (www.adspacenetworks.com) owns and operates the Adspace Digital Mall Network, the largest in-mall digital network in the country. Currently located throughout 113 Class A malls across the United States, the network consists of 1,493, eight and nine-foot-tall plasma screens called "Smart Screens." The Smart Screen displays show programming which combines a mix of the top ten sale items in the mall, the hottest seasonal items available, mall events, and local and national advertising. The network reaches 97 million affluent consumers (source: Scarborough) each month, and is particularly effective at reaching teens, young adults, and women. Adspace is also a charter member of the Digital Place-based Advertisings Association (DPAA), an organization that is helping to provide standards and best practices for the burgeoning video advertising industry.
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