Approved on 15 June 2022 at the Extraordinary General Meeting (EGM) of shareholders, the change of name of the AudioValley Group (Paris:ALAVY) (Brussels:ALAVY) to Targetspot is now embodied in a new ticker for the share, listed on Euronext Growth in Paris and Brussels. The ticker shall be changed to ALTGS (previously ALAVY), with effect from Friday 24 June 2022. The ISIN code of the share (BE0974334667) remains unchanged.
The new registered name and stock exchange name symbolise the company’s refocusing on its digital audio monetisation business, operated by Targetspot. Once the planned sale of the subsidiary, Winamp, is finalised – the principle of which was also approved at the EGM on 15 June – the Group’s strategic efforts will focus fully on its core business.
Strong momentum in digital audio
The Targetspot business (92% of total revenue in 2021) posted revenue growth of 50% in 2021 and of 34.6% in the first quarter of 2022 (+25% at constant exchange rates), driven by both Europe and the US. This strong momentum and the new opportunities offered by the digital audio market on an international scale are at the heart of the refocusing process, which should enable the Group to embark on a new development cycle supported by decisive and recognised technological and human assets.
Alexandre Saboundjian, Chairman and Founder, states: “Our name change reflects our decision to accelerate growth in digital audio monetisation. Podcasts, streaming, gaming: in all of these fast-growing markets we are ready to make a difference by capitalising on our proprietary technologies, a portfolio of massive, international audiences and the trust of leading advertisers. By bearing the Targetspot flag, we are also clarifying our positioning to our customers and shareholders. The next step in this refocusing process will be the sale of our Winamp platform, a project justified by the significant investments and recruitment required for its development, which are now incompatible with our new roadmap.”
First half 2022 revenue 26 July 2022, after market close