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Wejo and Capitol Broadcasting Company of North Carolina Team Up on Infotainment Insights Using Connected Vehicle Data (CVD) for Broadcasters and Advertisers in a Market Worth $1.8 Billion
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Wejo Group Limited (NASDAQ: WEJO) has partnered with Capitol Broadcasting Company to pilot connected vehicle data-driven infotainment insights for radio audience measurement. This innovative approach is expected to unlock a revenue opportunity of $1.8 billion over three years, transforming how radio listening is measured. The U.S. radio broadcasting industry generated $23 billion in total revenue in 2022. Wejo’s solution will provide real-time in-vehicle listening behavior, enhancing broadcasters' understanding of their audience and optimizing revenue streams.
Positive
Partnership with Capitol Broadcasting expected to create a revenue opportunity of $1.8 billion over three years.
Provides real-time, accurate data on in-vehicle radio listening, enhancing measurement methods.
Addresses the significant advertising market with $345 billion in expenditures, fostering informed decision-making for clients.
Negative
None.
Infotainment insights generated using connected vehicle data transform the way radio listening is measured and brings faster, more accurate listening behavior.
MANCHESTER, England--(BUSINESS WIRE)--
Wejo Group Limited (NASDAQ: WEJO), a global leader in Smart Mobility for Good™ cloud and software solutions for connected, electric and autonomous vehicle data, today announced that it and Capitol Broadcasting Company of North Carolina have partnered to pilot and introduce connected vehicle data-driven infotainment insights for radio listening insights and measurement. The infotainment insights include a more accurate way than traditional manual methods to measure in-vehicle radio listening audiences. Wejo expects the information insights to address the represent dozens of millions of dollars in revenue opportunity over the next three years, thanks to a total addressable market value of $1.8bn, with broadcasters and advertisers expected to find value in gaining a better overall understanding of the competitive market and their audience to make more informed decisions to generate revenue.
As most radio listening happens in cars, Wejo’s partnership with Capitol Broadcasting shows how leveraging connected vehicle data (CVD) can result in a highly accurate, extensive but anonymous radio listener data set, including when, which radio stations and how long people listened; powering audio listening insights and measurement solutions. The new infotainment insights replace the traditional manual, time-consuming and error-prone methods, including surveys, forms and self-reporting tools from a small sample of participants that most radio broadcasting companies currently use. Wejo’s CVD-based solution provides broadcasters with an immediate opportunity to better understand their in-vehicle listeners and markets; enabling them to optimize revenue streams. The U.S. Radio Broadcasting industry’s expected total revenue in 2022 is $23 billion, with over $345 billion in advertising expenditures, according to IBISWorld data.
“By partnering with Capitol Broadcasting Company, Wejo's connected vehicle data can showcase our infotainment insights and bring to market a new, accurate and transformative way to measure and understand in-vehicle radio audiences,” said Benoit Joly, chief commercial officer at Wejo. “Our solutions will help radio broadcasters and advertisers learn more about listening behaviors and competitors while helping them drive revenue.”
With the Wejo-generated infotainment insights, broadcasters and advertising agencies can get daily data on in-vehicle radio audiences across the U.S.Wejo will provide real-time in-vehicle listening behavior for every minute of every day, which can be layered on top of other critical points of interest for broadcasters and advertisers. The infotainment insights also provide data on radio station listening patterns, allowing broadcasters to understand how people in vehicles listen to their stations and competitors’ stations and what stations and genres listeners tune in to before and after they are on their stations.
“In-car listening is the backbone of the radio industry and gaining more accurate insights into our audience and market will help us better understand our listeners. Wejo’s data was very insightful and the first of its kind for our industry to see,” said Brian Maloney, vice president of radio at Capitol Broadcasting Company.
“One of the things that I really appreciated with Wejo was getting access to actual radio listener data,” added Jon Accarrino, Capitol Broadcasting Company’s vice president of transformation & strategic initiatives. “With this platform, we know how many car radios were listening to our radio stations in our DMA, when they were listening, and for how long. No estimates. No surveys. Just real data.”
Capitol Broadcasting Company, Inc. is a diversified communications company which owns and/or operates WRAL-TV, WRAZ-TV, WRAL-FM, WRAL-HD2, WNGT-CD, WCMC-FM, WCMC-HD1, WDNC-AM, WCMC-HD2, WCMC-HD3, WCLY-AM, WCMC-HD4, Microspace, WRAL Digital and Wolfpack Sports Properties (a joint venture with Learfield) in Raleigh, NC; WILM-TV, WILT-LD and Sunrise Broadcasting in Wilmington, NC; The Durham Bulls Baseball Club, Bull City Hospitality, the American Underground startup hub in Durham, NC; and real estate interests including the American Tobacco Historic District in Durham, NC, and Rocky Mount Mills in Rocky Mount, NC.
About Wejo
Wejo Group Limited is a global leader in cloud and software analytics for connected, electric, and autonomous mobility, revolutionizing the way we live, work and travel by transforming and interpreting historic and real-time vehicle data. The Company enables smarter mobility by organizing trillions of data points from 20.1 million vehicles, of which 13.7 million were active on the platform transmitting data in near real-time, and over 87.2 billion journeys globally as of September 30, 2022, across multiple brands, makes and models, and then standardizing and enhancing those streams of data on a vast scale. Wejo partners with ethical, like-minded companies and organizations to turn that data into insights that unlock value for consumers. With the most comprehensive and trusted data, information, and intelligence, Wejo is creating a smarter, safer, more sustainable world for all. Founded in 2014, Wejo employs approximately 300 people and has offices in Manchester, UK and in regions where Wejo does business around the world. For more information, visit: www.wejo.com or connect with us on LinkedIn, Twitter, and Instagram.
