BuyMedia introduces ROME -- "Real-time Open Media Exchange"; ROME facilitates the sale and purchase of "last-minute" radio and television advertising.SAN FRANCISCO--(BUSINESS WIRE)--April 21, 1997--BuyMedia announced today that it has completed its initial beta test A test of new or revised hardware or software that is performed by users at their facilities under normal operating conditions. Beta testing follows alpha testing. Vendors of packaged software often offer their customers the opportunity of beta testing new releases or versions, and the for its new Real-time Open Media Exchange ("ROME") which will be offered over its internet based media buying system (www.BuyMedia.com). Today, BuyMedia has password agreements with more than 2,100 agency and advertiser members who represent more than $15 billion in annual broadcast advertising. These media professionals currently utilize BuyMedia to execute advertising orders on behalf of their clients. "While advertising revenues continue to grow, an inefficient market Inefficient Market A theory which asserts that the market prices of common stocks and similar securities are not always accurately priced and tend to deviate from the true discounted value of their future cash flows. This theory opposes the efficient market hypothesis. plagues the industry," stated Mike Jackson For the P. G. Wodehouse character, see . For other people named Mike Jackson, see . General Sir Michael David "Mike" Jackson, GCB, CBE, DSO, DL, (born 21 March 1944) is a British army officer, formerly Chief of the General Staff. , President and Chief Executive Officer of BuyMedia. "Radio and television stations typically have unsold commercial inventory in the range of 15 to 18 percent. This unsold inventory does not exist because supply exceeds demand; rather it is a result of inefficient communications and the lack of an effective vehicle for buying and selling this 'last-minute' inventory." BuyMedia (the "Company") has identified this market need and has developed an Internet based communications system In telecommunication, a communications system is a collection of individual communications networks, transmission systems, relay stations, tributary stations, and data terminal equipment (DTE) usually capable of interconnection and interoperation to form an integrated whole. to facilitate the buying and selling of "last-minute" broadcast advertising. The nationwide launch of the new exchange is scheduled for May 5, 1997. Over the next six months, BuyMedia projects that ROME will provide advertisers and agencies with the opportunity to purchase over $100 million worth of available "last-minute" commercial inventory. "ROME provides our stations with a third sales channel to complement our local and national sales efforts," said Jerry McKenna, Sacramento Market Manager for American Radio Systems (ARS). "I expect this new marketplace to bring new advertisers to the radio industry, which is something we at ARS are dedicated to achieving." BuyMedia has been used to place TV and radio advertising for such clients as: AirTouch Cellular, American Airlines American Airlines Major U.S. airline. American was created through a merger of several smaller U.S. airlines and incorporated in 1934. It continued to buy the routes of other airlines, becoming an international carrier in the 1970s; its routes include South America, the , Blue Cross, Dodge, Jeep Eagle, KFC KFC Kentucky Fried Chicken (restaurant chain) KFC Kenya Flower Council KFC Kitchen Fresh Chicken (Kentucky Fried Chicken motto) KFC Kung Fu Cult (Cinema) KFC Kitchen Fixed Charge , Master Card, Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. , Nabisco, South Western Bell, United Airlines, Visa, Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. , etc. BuyMedia's Real-time Open Media Exchange ("ROME") was developed for advertisers and radio and TV stations to conduct transactions in real time over an "open exchange," a concept which is similar to the NYSE NYSE See: New York Stock Exchange & NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on trading floors. A. Paul Starke, Director of Marketing for the SynQuest Agency commented, "Our company expertise has historically been in national print and network broadcast television advertising. BuyMedia has enabled me to quickly develop expertise on the 'Radio Side' and offer my clients yet another service. Before BuyMedia, none of our client base advertised on radio. Now, about 40% are on the air! I intend to position ROME to present affordable radio buying opportunities to those clients who are not yet on the air." Real-time Transactions ROME creates an efficient market for the buyers wanting to purchase "last-minute" advertising and eliminates the time difficulties associated with the current buying process. BuyMedia's ROME includes virtually every radio and TV station in the country and accounts for six time zones (Hawaii, Alaska, Pacific, Mountain, Central, and Eastern). With the click of a button, advertisers can review available advertising for the current and following week (8-14 days) and conduct advertising purchases in real-time. The service was designed to complement the station's existing sales channels and, much like an outlet store An outlet store or factory outlet is a retail store in which manufacturers sell their stock directly to the public through their own branded stores. The stores can be can be brick and mortar or online. , generates significant revenue for remnant inventory. In 1996, unsold inventory cost stations $9.0 billion in unearned revenues Unearned Revenue When an individual or company receives money for a service or product that has yet to be fulfilled. Notes: For example, prepayment on a lease contract - the revenue is a liability until it has been earned. See also: Earned Income, Passive Income . If the problem persists, stations will lose $9.4 billion in 1997, and $11.7 billion in 2000. As stations' costs are mostly fixed, realizing these unearned revenues would directly increase their profitability. ROME will instantly expose any unsold broadcast inventory to over 2,100 media professionals representing more than $15 billion in annual broadcast advertising. Once a media buyer enters ROME, a dynamic table indicates the markets and number of broadcast stations with inventory for sale. Additionally, ROME includes a sophisticated software agent called "MediaScout" that electronically notifies buyers of newly allocated inventory within their specific areas of interest. Buyers may select certain criteria such as markets, TV networks, radio formats, etc., and "MediaScout" will notify them of advertising opportunities as they become available. The Real-time Open Media Exchange provides a real benefit to all parties involved. Broadcasters benefit by selling advertising that would have otherwise been wasted and advertisers benefit by being able to purchase "last minute" advertising on behalf of their clients. The Company BuyMedia, Inc. has emerged as a technological leader in developing Internet software services that provide tactical solutions to quick purchase and sale of unsold media advertising. In 1995, BuyMedia introduced the broadcast industry's first Internet communication system. The objective of the Company is to make use of the Internet to greatly improve the information available to advertisers, and substantially reduce the time and expense currently required to execute advertising orders for "last-minute" broadcast advertising. The Company is based in San Mateo, California San Mateo is a city in San Mateo County, California, in the San Francisco Bay Area. It is one of the larger suburbs on the San Francisco Peninsula, located between Burlingame to the north, Foster City to the East, and Belmont to the south. and was incorporated in May of 1995. CONTACT: BuyMedia Inc. Jen Boyar boyar Any male member of the upper class of medieval Russian society and state administration. In Kievan Rus (10th–12th centuries) the boyars belonged to the prince's retinue, holding posts in the army and civil administration and advising the prince in matters of , 415/579-7781 jenboyar@buymedia.com |
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