Brightcom Group (NSE: BCG | BSE: 532368), having become a zero-debt company, Brightcom Group is all set to foray into US$ 4.2 Bn Digital Audio medium. Digital Audio is the second most popular activity involving about 204 million listeners in US alone.
Digital Audio is the ultimate multitasking media channel where nearly 50% of millennials and GenZ listen to digital content while doing their daily chores. As more users are joining the bandwagon, advertisers are following the users.
No wonder then that YouTube announced a 15-second audio ad unit, and Spotify too has indicated publicly that there is a huge growth opportunity in the conversion of broadcast radio revenue into digital streaming. Online listeners consume audio content through the Internet for about 30 minutes a day on average which is way beyond the average consumption of all other media formats.
The Brightcom has increased its publisher strength from 10000 publisher to 47000 publishers in just two years. Brightcom's ads.txt is currently implemented on more than 47000 websites. The Direct accounts stands at 89704. The company has a major market share of 4.5% and a reseller account of 10098. These strengths give enough confidence to the company to foray into Digital Audio space.
In Digital Audio advertising, for instance, Audio Spots of up to 40 seconds. These are distributed between traditional and online audio spots.
The Board authorized Mr Suresh Kumar Reddy, Chairman & Managing Director and/or Mr Bradley Cohen, Chief Strategy Officer, to sign a Non-binding Letter of Intent towards acquiring a target company or its assets on behalf of the Company. The authorization is for a value of up to Rs 1000 crores and for one year.
The Board authorized Mr Suresh Kumar Reddy, Chairman & Managing Director and/or Mr Bradley Cohen, Chief Strategy Officer, to sign the Engagement letters with appropriate due diligence and legal professionals concerning the above action.
Shares of Brightcom Group Limited was last trading in BSE at Rs. 162.55 as compared to the previous close of Rs. 154.85. The total number of shares traded during the day was 1030577 in over 6653 trades.
The stock hit an intraday high of Rs. 162.55 and intraday low of 147.15. The net turnover during the day was Rs. 162694478.00.