Veritone® Announces Expanded Agreement to Provide Cumulus Media Radio Stations with AI-Enhanced Analytics for Advertising Campaigns

COSTA MESA, Calif.–(BUSINESS WIRE)–Veritone Inc. (NASDAQ: VERI), the creator of the world’s first operating
system for artificial intelligence, aiWARE™, today announced an expanded
agreement with Cumulus Media, the second largest owner and operator of
radio stations in the U.S., to license the aiWARE technology to provide
near real-time advertising intelligence and insights for Cumulus’
advertisers and sponsors. Under this agreement, Cumulus Media radio
stations in the top 50 markets will be able to leverage Veritone’s
artificial intelligence platform to quantify results through increased
transparency, metrics, and analytics for both spot-based and
endorsement-based advertising campaigns.

“Proving return on investment for radio ad campaigns remains a major
challenge for radio stations and advertisers alike,” said Ryan
Steelberg, co-founder and President of Veritone. “We are pleased to
provide radio powerhouse Cumulus Media access to our state-of-the-art AI
platform, aiWARE, which will provide its customers with the AI-derived
analytics needed to quantify their return on investment. These insights
will help empower Cumulus’ sales force and national sales partners to
engage in more data-driven conversations with advertisers and support
their ongoing efforts to grow revenue.”

Radio is considered the leading reach platform, with more than 243
million American adults listening each month. Radio advertising spending
in the U.S. is expected to reach $18.87
billion by the end of 2021
.*

Cumulus Media is among the hundreds of radio stations in the U.S. that
are leveraging the aiWARE platform to generate actionable insights
regarding their radio advertising campaigns. This agreement will also
allow Cumulus to provide insights to its national sales representative
partners to enable them to more effectively market the collective group.
aiWARE will empower both local and national sales staffs with
streamlined workflow efficiency to recap campaigns and generate
air-checks around both spot-based and native campaigns.

“As advertising has become more data-driven, it’s imperative that we as
an industry evolve to meet the needs of advertisers,” said Dave Milner,
EVP of Operations at Cumulus Media. “We know radio works which is why we
just launched the EPC Guarantee that gives free advertising if our
campaign fails to meet the results we promise to deliver. Radio remains
the number one reach medium in America and is also highly efficient.
Veritone now enables us to quantify the value delivered through any
radio broadcast campaign or on-air sponsorship, at scale. It also
affords Cumulus advertisers a whole new level of capabilities, like
measurement of earned media.”

* Statistica: https://www.statista.com/statistics/272652/radio-advertising-revenue-in-the-us/

About Veritone

Veritone (Nasdaq: VERI) is a leading provider of artificial intelligence
(AI) technology and solutions. The Company’s proprietary operating
system, aiWARE, which Veritone can deploy in public or private cloud
environments or on the customer’s premises, orchestrates an expanding
ecosystem of machine learning models to transform audio, video and other
data sources into actionable intelligence. aiWARE’s open architecture
enables customers in the media and entertainment, legal and compliance,
and government sectors to easily deploy applications that leverage the
power of AI to dramatically improve the efficiency and effectiveness of
their operating activities. Veritone is headquartered in Costa Mesa,
California with over 300 employees, and has offices in Denver, London,
New York, San Diego, and Seattle. To learn more, visit Veritone.com
or follow us on Twitter
and LinkedIn.

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
440 owned-and-operated stations broadcasting in 90 U.S. media markets
(including eight of the top 10), approximately 8,000 broadcast radio
stations affiliated with its Westwood One network and numerous digital
channels. Together, the Cumulus Radio Station Group and Westwood One
platforms make CUMULUS MEDIA one of the few media companies that can
provide advertisers with national reach and local impact. The Cumulus
Radio Station Group and Westwood One are the exclusive radio broadcast
partners 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, 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. For more information, visit www.cumulusmedia.com.

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