I’m pleased to announce the acquisition of our portfolio company Pharmacy TV Network by RMG Networks. You can see the press release here.
Pharmacy TV was one of Nueva Ventures’ first investments in 2005 and in that time much has changed in the digital media space. The Pharmacy remains one of the most attractive locations for place based media in the largest advertising vertical – health and wellness. The service is a win for multiple parties: Pharmacy and grocery chains improve customer experience by proving useful content in the pharmacy prescription waiting area. Advertisers can reach a relevant target market right at the point of purchase. Consumers get to watch useful content and relevant advertising while waiting for prescriptions.
Success in this relatively new model is all about creating efficiency through scale, measurement of reach and ROI performance in store for advertisers, and development of a standard media buying platform. I believe the next 3-5 years will see the full potential of this model realized as Pharmacy TV partners now with a larger, more broadly diversfied player in RMG committed to excellence in content and placement of its screens across complementary locations where messages can be reinforced. RMG’s team, salesforce, technology platform and investors are unparalleled in the industry. We’ll inevitably see more consolidation to build scale and efficiency. Like the Internet, we’re seeing a shift in advertising from traditional broadcast to this sector with serious $ now being spent on digital in-store media as the ROI is measurable and compelling.
My heartfelt congratulations to the team at Pharmacy TV, of which I count myself part of having filled in for the better part of 3 years as its CFO, the team at RMG including CEO Garry McGuire whose relentless support saw this through to completion, and the investors who got us here thus far.
