10 Oct 2014

Snakk gains TuneIn toehold

1:11 pm on 10 October 2014

A subsidiary of Snakk Media has the exclusive rights to run advertising campaigns across the popular TuneIn audio mobile app, which has 50 million active users.

The deal gives Snakk's subsidiary, Represent Media, exclusive access to TuneIn's Australian, New Zealand and Southeast Asia markets.

Snakk, which is listed on NZX's alternative market, uses apps, games and social media to help business brands reach customers on their smartphones, tablets and other smart screen devices.

Chief executive Mark Ryan said the deal gives Snakk exclusive access to the app's inventory, that is the ad space available on the TuneIn app, which is attractive to premium users.

Despite its small size and early stage of development, investment analyst, Edison, said Snakk has a good opportunity to establish a strong market position in the region, and its share price does not yet reflect the value of its potential reach and future profitability.

Given Snakk's outlook and market position, Edison Investment Research says a share price between 11 and 15 cents would put it in line with other similar listed businesses.