‘Octopus’ rideshare technology will unlock massive opportunities for brands working with T-Mobile’s advertising business’
Octopus Interactive, the largest national network of interactive video screens inside Uber and Lyft vehicles, co-founded and run by Indian American entrepreneur Cherian Thomas has been acquired by T-Mobile.
This move marks the next step for Marketing Solutions, T-Mobile’s fast-growing advertising technology business, in expanding its advertising offerings for marketers, the telecom company announced Monday.
Octopus Interactive helps brands reach audiences through video ads presented on screens inside rideshare vehicles, providing marketers a new way to reach consumers, and its impact is growing rapidly.
Octopus’s rideshare network enables brands to execute comprehensive geotargeted campaigns across a range of highly engaged consumers.
And beyond the rideshare network, this acquisition will connect T-Mobile’s Marketing Solutions group with big brands, like current Octopus clients Audible, Fox Entertainment, Philo and many more, according to a T-Mobile press release.
“We’re thrilled to join the T-Mobile team on their mission to provide better results for marketers and better experiences for consumers,” said Cherian Thomas, co-founder and CEO of Octopus Interactive.
“Our rideshare technology will unlock massive opportunities for brands working with Marketing Solutions.”
“Octopus allows us to highlight our library of rich media content and drive awareness amongst a younger and tech savvy demographic. We’ve seen engagement rates over 3.5% and QR codes convert extremely well given the captive rideshare environment” said Matt Stein, Head of Brand & Creative Strategy at Philo.
Moving forward, devices used by drivers in the rideshare network will be powered by T-Mobile’s network, connecting thousands of drivers across the US to the Un-carrier experience.
“With this move, we’re expanding our toolkit for marketers, meeting the needs of advertisers and empowering brands to better connect with consumers, beyond linear and traditional digital channels” said Mike Peralta, VP and GM of Marketing Solutions, a division of T-Mobile.
“As the Un-carrier, we’re committed to disrupting the ad tech space. We’re making good on that commitment through innovative solutions, like Octopus.”
In the US, out-of-home advertising spend increased by nearly forty percent in the second quarter of 2021, and digital-out-of-home ad spend in particular increased by nearly eighty percent over the same time.
In just the last quarter, the Octopus network of drivers grew by thirty five percent. Now brands can reach over five million unique riders per month on the Octopus platform, the release said.
But it’s not only great for marketers. It enhances the riders’ experience too – delivering interactive games, prizes, premium video and infotainment curated specifically for Uber and Lyft audiences.
Octopus reaches an attractive demographic that is often difficult to reach through traditional channels.
Here’s a snapshot of Octopus’s rideshare audience:
— Nearly 80% of riders are between the ages of 18 and 49.
— Riders have an average household income of more than $130K.
— 45% live in urban areas.
— Nearly 40% of riders are traveling – to the airport or on business – and more than 50% are going to and from social outings.
— 72% are cord cutters.