Cumulus Media is the latest radio group partnering with Veritone to utilize the company’s Cognitive Media Platform. The cloud-based artificial intelligence (“AI”) media analytics system will provide near real-time audio capture, indexing and analytics for select Cumulus Media broadcast stations in New York, Los Angeles and Chicago.
Veritone’s technology will allow content in the three markets to be digitized, indexed and repackaged into clip collections that can be distributed across digital and social media platforms. Veritone president Ryan Steelberg says the company’s Cognitive Media Platform will also enable Cumulus stations to provide advertisers with ad verification, content segmentation and integrated audience analytics.
“We were seeking a solution that could index and analyze our broadcast programming, to provide our advertising partners with increased visibility, transparency and accountability,” Cumulus Media’s New York market manager Chad Lopez says in a statement. “The combination of Veritone’s cloud-based indexing and storage solutions, coupled with its powerful search and discovery capabilities, made Veritone the only choice for us to extend customer engagement.”
Cumulus joins Bonneville, the former Greater Media stations, Westwood One and the “Howard Stern Show” in using Veritone’s technologies to leverage broadcast content in a digital world.
Veritone has been scaling up significantly. It surpassed three million hours of audio and video processed through its platform during the past three years. Plans now call for the company to expand its global footprint and client base. Veritone recently secured up to $50 million in new funding from patent investment group Acacia Research Corporation. The group made an initial $20 million investment in Veritone with plans for an additional $30 million if Veritone hits pre-established milestones. Veritone has been using the infusion to grow its cloud-based technology platform.
While Veritone’s service is useful to broadcasters, the company’s “artificial intelligence” services can also be utilized by a broad range of industries. The company predicts the AI industry will surpass $70 billion by 2020, as companies and organizations look for more sophisticated data.
About Veritone, Inc.
Veritone, Inc. is a leading cloud-based Artificial Intelligence (AI) technology company that has developed a proprietary Cognitive Media Platform™ (CMP). The platform unlocks the power of AI-based cognitive computing to process, transform and analyze data in a seamless, automated manner, enabling clients in the media, enterprise, politics, legal and law enforcement market to generate actionable intelligence from the world’s public and private audio and video content, which comprises the majority of all global data produced each year. Founded in 2014, Veritone has won several of the industry’s most prestigious awards, including the 2016 Red Herring Top 100 North America Award and the 2016 SIIA Business Technology CODiE Award for Best Native Advertising Platform or Service. Veritone was founded by serial entrepreneurs and brothers, Chad and Ryan Steelberg. The duo have a successful track record in identifying new market opportunities, creating disruptive technology-based companies and leading them to successful exits for their stakeholders. To learn more about Veritone, please visit www.veritone.com.
About Cumulus Media
A leader in the radio broadcasting industry, Cumulus Media (NASDAQ:CMLS) combines high-quality local programming with iconic, nationally syndicated media, sports and entertainment brands to deliver premium content choices to the 245 million people reached each week through its approximately 450 owned-and-operated stations broadcasting in 90 US media markets (including eight of the top 10), more than 8,200 broadcast radio stations affiliated with its Westwood One network and numerous digital channels. Together, the Cumulus/Westwood One platforms make Cumulus Media one of the few media companies that can provide advertisers with national reach and local impact. Cumulus/Westwood One is the exclusive radio broadcast partner to some of the largest brands in sports, entertainment, news, and talk, including the NFL, the NCAA, the Masters, the Olympics, the GRAMMYs, the Academy of Country Music Awards, the American Music Awards, the Billboard Music Awards, Westwood One News, and more. Additionally, it is the nation’s leading provider of country music and lifestyle content through its NASH brand, which serves country fans nationwide through radio programming, exclusive digital content, and live events.