Cumulus Media is the latest radio group partnering with Veritone to utilize the company’s Cognitive Media Platform. The cloud-based artificial intelligence (“AI”) media analytics system will provide near real-time audio capture, indexing and analytics for select Cumulus Media broadcast stations in New York, Los Angeles and Chicago.
Veritone’s technology will allow content in the three markets to be digitized, indexed and repackaged into clip collections that can be distributed across digital and social media platforms. Veritone president Ryan Steelberg says the company’s Cognitive Media Platform will also enable Cumulus stations to provide advertisers with ad verification, content segmentation and integrated audience analytics.
“We were seeking a solution that could index and analyze our broadcast programming, to provide our advertising partners with increased visibility, transparency and accountability,” Cumulus Media’s New York market manager Chad Lopez says in a statement. “The combination of Veritone’s cloud-based indexing and storage solutions, coupled with its powerful search and discovery capabilities, made Veritone the only choice for us to extend customer engagement.”
Cumulus joins Bonneville, the former Greater Media stations, Westwood One and the “Howard Stern Show” in using Veritone’s technologies to leverage broadcast content in a digital world.
Veritone has been scaling up significantly. It surpassed three million hours of audio and video processed through its platform during the past three years. Plans now call for the company to expand its global footprint and client base. Veritone recently secured up to $50 million in new funding from patent investment group Acacia Research Corporation. The group made an initial $20 million investment in Veritone with plans for an additional $30 million if Veritone hits pre-established milestones. Veritone has been using the infusion to grow its cloud-based technology platform.
While Veritone’s service is useful to broadcasters, the company’s “artificial intelligence” services can also be utilized by a broad range of industries. The company predicts the AI industry will surpass $70 billion by 2020, as companies and organizations look for more sophisticated data.