Thumbplay's Cutting-Edge Digital Music Technology Will Dramatically
Enhance Clear Channel's Popular Digital Radio Service, iHeartRadio
Acquisition will also add important new features and functionality
for the tens of million
Mar. 1, 2011 (Business Wire) -- Clear Channel Radio, the country's leading digital and terrestrial radio company, today announced an agreement with digital music company Thumbplay, Inc. to acquire its leading-edge cloud-based music service, platform and team of mobile technology, product and marketing experts.
The acquisition does not include Thumbplay's ringtone business. Terms of the agreement were not disclosed.
The acquisition will enable Clear Channel to leverage Thumbplay's state-of-the-art music technology and services, and combine the efforts of both the Clear Channel and Thumbplay technology, product and marketing teams to accelerate development and growth of the next generation of Clear Channel's popular and successful iHeartRadio digital products. In addition, the new iHeartRadio platform will power Clear Channel's 750 radio stations from 150 cities and the company's digital-only commercial-free stations, and provide a variety of new features and functionality, including enabling listeners to create their own personalized ‘radio stations.'
Thumbplay will also give Clear Channel the capability to deploy a variety of subscription services as the company moves quickly to leverage its significant radio assets across all digital platforms, including the Internet, automotive and mobile devices.
Robert Pittman, Chairman of Media and Entertainment Platforms for Clear Channel, said, "The acquisition of Thumbplay's music business is a key element in Clear Channel Radio's aggressive digital strategy. It will capitalize on our powerful iHeartRadio platform and ensure that our listeners have the radio and music experience they want, on whatever device or platform they prefer."
He added, "Joining Thumbplay's custom radio and subscription services with Clear Channel's streaming expertise, iHeartRadio's Internet and mobile audio and music services, including 750 online radio stations, digital-only stations and apps, will create an unsurpassed integrated music product.