Airtasker USA Accelerates Growth with $12 Million in Strategic Media Partnerships with Sinclair and Mercurius

Rhea-AI Summary

Airtasker (ASX: ART) has secured $12 million in media capital through partnerships with Sinclair Broadcast Group (NASDAQ:SBGI) and Mercurius Media Capital LP. This brings Airtasker USA's total media capital raised in 2024 to $21.75 million.

The partnerships include $6 million in advertising inventory from Sinclair, accessing 185 TV stations across 86 US markets, and $6 million in premium advertising inventory from Mercurius. These deals follow earlier $9.75 million partnerships with iHeartMedia and TelevisaUnivision.

Since September, Airtasker's Los Angeles market has shown significant growth with +172% in posted tasks, +223% in GMV, +98% in user sign-ups, and +66% in Tasker sign-ups. The company reports 3M Taskers across US, UK, and Australia, with US completed tasks up 306% YoY.

Positive

• Secured $12M in new media partnerships, bringing total 2024 media capital to $21.75M
• LA market shows strong growth metrics: +223% GMV, +172% posted tasks
• Significant user growth with +98% user sign-ups and +66% Tasker sign-ups
• US completed tasks up 306% year-over-year
• Access to 185 TV stations across 86 US markets through Sinclair partnership

Negative

• None.

Insights

Financial Analyst

This strategic media-for-equity deal worth $12 million represents a significant opportunity for Sinclair Broadcast Group to diversify revenue streams while minimizing cash expenditure. The partnership with Airtasker leverages Sinclair's extensive media network across 86 markets, potentially creating new advertising revenue channels and increasing asset utilization. The deal structure is particularly attractive as it allows Sinclair to monetize existing advertising inventory while gaining equity exposure to a high-growth marketplace platform.

The partnership model demonstrates strong commercial acumen, as evidenced by Airtasker's impressive growth metrics in Los Angeles: 172% increase in posted tasks and 223% increase in GMV. This suggests potential for significant value creation for Sinclair shareholders through equity appreciation if Airtasker successfully replicates its international success across US markets.

Market Research Analyst

The market positioning and growth trajectory revealed in this announcement are compelling. Airtasker's expansion strategy through media partnerships has proven successful in Australia, achieving $200 million in marketplace value and showing 100% year-over-year growth in the UK. The total $21.75 million media capital raised in 2024 provides substantial marketing firepower to accelerate US market penetration.

The 306% year-over-year increase in completed US tasks indicates strong product-market fit and adoption. The multi-channel media approach, combining traditional broadcast with streaming and digital networks, creates a comprehensive market coverage strategy that should effectively drive both consumer awareness and tasker acquisition across diverse demographic segments.

These partnerships bring Airtasker USA’s total 2024 media-for-equity to $21.75 million to strategically unlock brand visibility opportunities amid US market expansion

LOS ANGELES--(BUSINESS WIRE)-- Airtasker (ASX: ART), the global marketplace for local services, today announced it has secured a total of $12 million in media capital through partnerships with Sinclair Broadcast Group, a division of Sinclair, Inc. (NASDAQ:SBGI) and Mercurius Media Capital LP. These partnerships bring Airtasker USA’s total media capital raised in 2024 to $21.75 million, expanding the company’s reach and enabling more Americans to connect with local Taskers for help with everyday tasks.

Sinclair Media Partnership: Sinclair is providing Airtasker USA with $6 million in advertising inventory, unlocking new potential opportunities to promote the Airtasker brand within Sinclair’s 185 owned and/or operated television stations in 86 US markets and digital multicast networks including Comet, Charge! and The Nest.

“At Sinclair, we are always looking for innovative ways to accelerate growth and provide value to dynamic companies that are shaping the future,” said Andrew Schnell, VP Corporate Strategy and Development at Sinclair. “This deal is just one example of how we are expanding our strategy to include creative partnerships that drive mutual success. We look forward to working with Airtasker to help expand their footprint and mission of creating a community marketplace for tasks across the US.”

Mercurius Media Partnership: In this strategic, multi-year partnership, Mercurius is providing Airtasker USA with $6 million in premium advertising inventory. This will allow Airtasker to leverage premium advertising inventory across broadcast, streaming, and digital networks through Mercurius partners, including TelevisaUnivision, Sinclair and Willow TV.

“We’re proud to partner with Airtasker as it continues its incredible journey,” said Piyush Puri, Founding Partner of Mercurius. “The US represents an exciting new chapter, and under Tim Fung’s leadership, Airtasker is set to redefine the local services economy. We’re thrilled to support this expansion by leveraging our media capital model to help amplify their growth and bring this innovative approach to even more people. This partnership is a perfect alignment of shared values and ambition, and I can’t wait to see what we can achieve together.”

These new partnerships build on Airtasker’s $9.75 million in strategic media partnerships with iHeartMedia and TelevisaUnivision, announced in September of this year, further accelerating growth and amplifying brand recognition across the US. Since September, Airtasker has seen significant growth in its Los Angeles market in particular, with a +172% increase in posted tasks, +223% increase in GMV, +98% increase in user sign ups and +66% increase in Tasker sign ups.

“Our proven media partnership model saw the Airtasker marketplace scale to over $200 million in Australia and we’re now seeing our UK marketplace growing over 100% year-on-year,” said Tim Fung, Founder and CEO of Airtasker. “Now is the right time to step on the gas pedal and take Airtasker’s mission - to empower people to realise the full value of their skills - all across the US!”

The media partnership model has been a cornerstone of Airtasker’s international growth strategy, already driving significant success in the US, UK, and Australia. Airtasker connects people with local Taskers to make everyday tasks easier for Americans. Popular Airtasker services include home repairs, pet care, event planning, and much more. Airtasker has 3M Taskers across the US, UK and Australia who have completed 4.3M tasks, with completed tasks in the U.S. up 306% YoY.

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 realize 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 $600 million into the pockets of workers (payments made after all fee revenue is deducted) and served more than 1.3 million unique paying customers across the world. For more information, visit: investor.airtasker.com.

About Sinclair

Sinclair Broadcast Group, a division of Sinclair, Inc. (Nasdaq: SBGI) is a diversified media company and a leading provider of local news and sports. Sinclair owns, operates and/or provides services to 185 television stations in 86 markets affiliated with all the major broadcast networks; owns Tennis Channel and multicast networks Comet, Charge!, TBD and The Nest. Sinclair’s content is delivered via multiple platforms, including over-the-air, multi-channel video program distributors, and the nation’s largest streaming aggregator of local news content, NewsON. Sinclair regularly uses its website as a key source of information which can be accessed at www.sbgi.net.

About Mercurius

Mercurius is a U.S.-based independent media fund backed by leading media companies, including Sinclair Broadcast Group, TelevisaUnivision, and Willow TV. With over $50 million in media capital, Mercurius pools premium media inventory at scale to create a powerful platform for portfolio companies to build their brands and accelerate growth. Through strategic partnerships with its media partners, Mercurius helps emerging brands amplify their U.S. presence, driving success in a competitive market. The fund has supported several high-growth companies, including Deskera (a B2B SaaS ERP platform), Edly (a fintech platform for students), RVnGo (a peer-to-peer RV rental platform), and Captain Experiences (a leading outdoor sports marketplace). For more information, visit www.mmc.us.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241210159504/en/

Press Contact:

Adriana Lipsztein

adriana.lipsztein@airtasker.com

Investor Relations Contact:

www.investor.airtasker.com

investors@airtasker.com

Source: Airtasker Limited

FAQ

What is the value of Airtasker's media partnership with Sinclair (SBGI)?

Sinclair Broadcast Group (SBGI) is providing Airtasker USA with $6 million in advertising inventory across its 185 owned and/or operated television stations in 86 US markets.

How much has Airtasker's GMV grown in Los Angeles since September?

Airtasker's Gross Merchandise Value (GMV) in Los Angeles has increased by 223% since September.

What is the total media capital raised by Airtasker USA in 2024?

Airtasker USA has raised a total of $21.75 million in media capital in 2024, including the recent $12 million from Sinclair and Mercurius partnerships.

What is the year-over-year growth rate of completed tasks for Airtasker in the US?

Completed tasks in the United States have increased by 306% year-over-year.