Airtasker Limited (ASX: ART) (Airtasker) announces a $6m media partnership with leading Australian outdoor media company oOh!media Limited (ASX: OML) (oOh!media) to ramp up investment in brand awareness across Australia.
The partnership enables Airtasker to scale in a capital efficient way through access to oOh!media’s over 35,000 sites across Australia, including billboards, street furniture, airports, office towers, and retail centres.
The terms of the partnership provide Airtasker with $6m in oOh!media inventory in exchange for a 2-year $5m convertible note with a 5.8% coupon rate (Note). At maturity, Airtasker has the option to convert the outstanding Note and coupon into ordinary shares at a 10% discount to Airtasker’s 30-trading day volume-weighted average share price or repay the outstanding Note and coupon in cash.
In the quarter ending 31 March 2024, Airtasker reported positive free cash flow of $2.5m and $19.7m in cash and term deposits on balance sheet with zero debt.
Airtasker CEO Tim Fung said: “We’re super excited to be partnering with oOh!media in Australia and building on the momentum of our media partnership strategy. We believe outdoor media is incredibly impactful because of its unmissable nature in a media landscape which is becoming increasingly crowded.
Outdoor media also presents some incredibly exciting innovation opportunities for Airtasker with new digital formats and contextually relevant locations, enabling us to reach Airtasker customers at the right time and place for when they need something done – like offering furniture assembly or tech installation services in key retail locations.
We’ve already seen some incredible results with our $6.7m Channel 4 media partnership in the UK delivering 49% growth in posted tasks in the third quarter of FY24, after launching a little over 6 months ago – so we’re super excited to be building on that momentum with oOh!media in Australia!”
Commenting on the partnership, oOh!media’s Chief Strategy and Transformation Officer, Andrew Every said: “We’re thrilled to be partnering with Airtasker. This collaboration allows Airtasker to leverage the strength of our unrivalled network and sophisticated data techniques to support its mission of driving growth in their trusted community platform.”
For further information, please contact:
Media Enquiries
Andrea Philips
andrea.philips@airtasker.com
Investor Relations
www.investor.airtasker.com
investors@airtasker.com
About Airtasker
Airtasker Limited (ASX: ART) is Australia’s leading online marketplace for local services, connecting people and businesses who need work done with people who want to work. With a mission to empower people to realise the full value of their skills, Airtasker aims to have a positive impact on the future of work by creating truly flexible opportunities to work and earn income. Since launching in 2012, Airtasker has put more than $550m into the pockets of workers (payments made after all fee revenue is deducted) and served more than 1.3m unique paying customers across the world. For more information, visit: investor.airtasker.com.
This announcement was approved for release by the Board of Directors of Airtasker Limited.
