NEW YORK, Oct. 5 /PRNewswire/ -- While many in the media business struggle to climb out of the "Great Recession," Adspace Networks, the owner and operator of the largest in-mall digital network in the country, has been growing revenue 50 percent annually over the past two years with its current portfolio of 107 malls nationwide. The network will now accelerate its revenue growth by expanding its mall footprint and entering into relationships with prominent mall operators across the country.
Adspace has recently partnered with five new mall operators; Forest City Enterprises, Pennsylvania Real Estate Investment Trust (PREIT), WS Development, Memorial City Mall, LP and Jones Lang LaSalle. Adspace will expand its national footprint by adding eight new malls by the end of the year and will look to add 40 more malls in 2011. New malls to join the digital mall network include:
- Boston DMA
- Legacy Place in Dedham, MA
- Hanover Mall in Hanover, MA
- The Mall at Whitney Field, Leominster, MA
- Philadelphia DMA
- Plymouth Meeting Mall, Plymouth Meeting, PA
- Voorhees Town Center, Voorhees, NJ
- Washington, DC DMA
- Ballston Common Mall, Arlington, VA
- Houston DMA
- Memorial City Mall, Houston, TX
- Kansas City DMA
- Oak Park Mall, Overland Park, KS
"The expansion of our footprint adds distribution as a growth driver for our company", said Eric Steinert, Senior Vice President, Business Development, Adspace Networks. "Importantly, we are funding this expansion from our positive internal cash flow, and did not need to raise any additional capital to add these centers to our network."
The Company's expansion into WS Development's Legacy Place in Dedham, MA marks the first time Adspace has installed its Smart Screens in an outdoor lifestyle center. "We are excited to add a digital element to our new Legacy Place property. Adspace Network's content will provide valuable information for shoppers while driving traffic and sales for our tenants," said Michael Campbell, Vice President of Business Development, WS Development. Adspace's high definition screens have been weatherized and fitted to work in an outdoor environment. Upscale lifestyle centers add significant opportunities to the networks' growth potential.
About Adspace Networks, Inc.
Adspace Networks, Inc. (www.adspacenetworks.com) owns and operates the Adspace Digital Mall Network, the largest in-mall digital network in the country. Currently located throughout 107 Class A malls across the United States, the network consists of 1,419, eight and nine-foot-tall plasma screens called "Smart Screens." The Smart Screen displays show programming which combines a mix of the top ten sale items in the mall, the hottest seasonal items available, mall events, and local and national advertising. The network reaches 93 million affluent consumers (source: Scarborough) each month, and is particularly effective at reaching teens, young adults, and women. Adspace is also a charter member of the Digital Place-based Advertising Association (DPAA), an organization that is helping to provide standards and best practices for the burgeoning video advertising industry.
CONTACT: Danielle Modzelewski
KCSA Strategic Communications
SOURCE Adspace Networks