EDO Inc., a data, measurement and analytics software company co-founded by actor Edward Norton, took an $80 million investment from Shamrock Capital at a pre-investment valuation of over $200 million. dollars as it seeks to expand its sales and marketing operations, among other goals.
The company, which said its customers include brands such as fast-food chain Subway, automaker Toyota Motor Corp. and cruise line Royal Caribbean Group.,
as well as advertising agencies, television networks and streaming services, was founded in 2015 by Mr. Norton and Daniel Nadler. Dr. Nadler is the founder of Kensho Technologies Inc., a data science software company that sold to S&P Global Inc.
EDO helps advertisers measure in real time the actions viewers take in response to streaming or traditional TV ads, using data about consumers’ online search activity and website visits to a brand or a product.
New players are looking to attract more business in TV advertising measurement with Nielsen Holdings PLC, the leading provider of TV ratings for decades, stumbling recently. The Media Rating Council, the industry metrics watchdog, last year withdrew its accreditation from Nielsen’s national and local television ratings. Rival data providers took it as an opening.
The field is also changing as consumers increasingly watch TV through streaming services and more data becomes available from these emerging channels, said Tina Moffett, principal analyst for enterprise-to-consumer marketing at Forrester. Research. Inc.
“CMOs are feeling the pressure from their internal C-suite colleagues, especially the CFO’s office, to measure all of their channels and tactics against a bottom line, like how marketing and media generated revenue. extras, or how a specific TV spot led to a purchase,” Ms Moffett said in an email.
Consumers’ online searches for a brand are more predictive of sales growth or market share gains than social media mentions of a brand or other signals marketers track, Kevin said. Krim, President and CEO of EDO. That includes widely used TV ratings showing how many people likely saw an ad, he said.
With the ratings, Mr. Krim said: “You say, ‘Well, I’m reaching 65% of my target audience. “That’s nice… and then what?” is the conversation taking place in every boardroom across America. The board, the CFO, the CEO say to the CMO, “And then what?”
Mr Norton said marketers were looking to move away from the traditional methods used in TV measurement and towards more sophisticated tools.
“We’re at the point where I think smart marketers have realized this and they’re looking to new signals, but it’s just getting started,” Norton said.
EDO had already invested $12 million in 2018, which valued the company at $89 million after investment.
Mr. Krim said the company plans to use the new funding to increase its investments in sales and marketing, improve its software platform and add new data sources.
Laura Held, partner at Shamrock Capital, said EDO gives marketers a greater ability to measure the effectiveness of TV ads they’re getting in digital advertising.
The ability to better tie the ad to business outcomes, “that’s where we think the future is, that’s what marketers want, ultimately,” she said.
Yet EDO is one of a number of entrants to media analytics that promise marketers a better understanding of the reach and results of their advertisements.
, an ad tech company that focuses on streaming TV, in February announced a deal to buy measurement and attribution platform TVSquared Ltd., for example. Innovid then said the acquisition will help it tell marketers more about their TV advertising, whether audiences watch in traditional linear or streaming fashion, and include data on outcomes such as car sales. or app downloads after consumers have seen an advertisement.
Nielsen is also investing in its measurement products, arguing that its resources give it an edge over smaller players. Last week, he agreed to sell himself to a group of private equity firms in a deal that values the media measurement company at around $10 billion.
Write to Megan Graham at [email protected]
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