MTBOT - Largest Yellow Taxicab Trade Association in NYC - Announces Major Investment Deal with STRONG for Traditional and Digital Taxi Top Advertising
23 Apr, 2018, 01:57 ET
NEW YORK, April 23, 2018 /PRNewswire/ -- The Metropolitan Taxicab Board of Trade ("MTBOT"), the largest taxicab trade association in New York City, has announced a digital taxi top advertising deal with Strong Digital Media, LLC ("STRONG"), a wholly-owned subsidiary of Ballantyne Strong, Inc. (NYSE American: BTN). The deal covers more than 3,500 yellow taxi tops – nearly half of the overall taxi top market in New York City – and will include an initial roll out of 300 state-of-the-art digital taxi tops by summer 2018. More than 150 digital tops have hit the New York City streets already.
With this deal, STRONG has immediately become one of the largest providers of digital and static out-of-home advertising in New York City. Additionally, the contract represents a multi-million-dollar investment in the yellow taxicab industry, particularly in the 24/7 taxi operators that comprise the membership of MTBOT. The deal is notable not only for the size of the investment and confidence it shows in the yellow taxi industry but in the confidence it shows in high resolution digital advertising, which will soon replace traditional static.
STRONG has plans to revolutionize the taxi top advertising market in New York City and other major U.S. markets by furthering its already large investment in digital taxi tops.
"We're excited to launch our latest state-of-the-art digital advertising platform on MTBOT's iconic yellow taxicabs," said Kyle Cerminara, Chairman and Chief Executive Officer of STRONG. "New York City, the most exciting city in the world – and the advertising capital of the world – is the perfect city to launch our taxi tops, which we believe will truly be a game changer in the world of digital outdoor advertising."
"We are extremely excited that STRONG shares our passion and confidence in the future of the iconic yellow taxicab industry through this significant investment of capital and resources," said Ron Sherman, President of the Metropolitan Taxicab Board of Trade. "This advertising deal is a vast improvement over the traditional taxi top advertising of the past and will enable our fleets – through guaranteed advertising revenue and key aesthetic improvements to the look of the vehicle – to better compete in an ever changing marketplace."
STRONG, which is located in Atlanta, Georgia, has selected Long Island City, Queens-based Creative Mobile Technologies ("CMT") as its official installation and service center. CMT is the largest privately held taxi technology and taxi equipment installation company in North America.
About The Metropolitan Taxicab Board of Trade
The Metropolitan Taxicab Board of Trade ("MTBOT"), established in 1958 is the oldest and largest taxicab trade association in New York City. MTBOT represents the owners and operators of more than 5,500 taxicabs. In 2015, MTBOT launched a Driver Resource Center that provides free training and licensing services to more than 20,000 drivers.
About Ballantyne Strong, Inc. and Strong Digital Media, LLC
Founded in 1932, Ballantyne Strong, Inc. (NYSE American: BTN) is a global leader in digital media solutions and cinema products and services. Through its wholly-owned subsidiaries, Ballantyne Strong, Inc. is responsible for tens of thousands of signs and screens globally. Strong Digital Media, LLC, a wholly-owned subsidiary of Ballantyne Strong, Inc. controls nearly half of the traditional and premium taxi top advertising inventory in the New York City market. The new high-definition digital taxi tops currently being deployed are custom engineered and will be replacing static. They incorporate on-board Wi-Fi, Beacon and Bluetooth technologies to create first-of-its kind mobile marketing opportunities for advertisers. The Wi-Fi allows Strong Digital Media the ability to geo-fence areas for precise ad delivery instantly. The technology offers advertisers an ability to develop behavioral marketing strategies in a smart city environment. Like never before, advertisers can create personalized brand experiences and spur behaviors that generate immediate, measurable results.
SOURCE The Metropolitan Taxicab Board of Trade
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