Advertisement

Future of marketing sees local startup secure $4.7 million fundraise

Reading Time: 2 mins
By Published On: September 26, 20220 Comments

The future of advertising for businesses and retailers could be all fun and games, with a potential audience of more than three billion globally engaging in virtual worlds and ready to be reached. This potential has proven lucrative for one Australian start-up in particular, as gametech company Livewire celebrates a successful Series A funding round to the tune of $4.7 million.

Founded locally only 16 months ago, Livewire’s business model is built around the development of integrated gaming marketing solutions for advertisers, identifying a gap in opportunity for local advertising to meet an engaged audience numbering more than 32 million in the Oceania region.

That number balloons to more than 1.5 billion when including the number of gamers in Asia, the largest proportion of the more than 3.24 billion gamers worldwide, altogether demonstrating an immense potential audience largely untapped by advertisers – until now.

“Sitting horizontally across the entire gaming ecosystem, Livewire provides advertisers a single-entry point to the entire spectrum of gaming marketing possibilities,” says Livewire co-founder Indy Khabra, celebrating the gametech start-up’s successful fundraise, “Our capabilities cover strategy, creative, content and media.”

“We’re excited for this next phase. Our Series A funding round will enable Livewire to scale up and invest in our gametech products, talent, and our business operations.”

The ability of Livewire in recognising the potential of game marketing has corresponded to rapid success even before this latest fundraise, seeing the start-up expand to include offices in Mumbai, Singapore and London in addition to signing deals with heavyweight names like Uber Eats, Foxtel and Warner Music.

“Several years ago, media in-video games lacked the complexity of technology to target, measure and report on impressions, viewability and click-throughs,” Khabra and fellow co-founder Brad Manuel wrote earlier this month, “The significant improvement in technology and range of formats now provides leading targeting, without third-party cookies.”

“As media investment allocation across channels both traditional and digital continue to adjust to meet changing user behaviour, gaming is now at the forefront of that change being included in marketing mix modelling.”

The momentum of recognition turning to the potential of video game marketing has especially caught the eye of Livewire’s new funders, including cornerstone investor RealVC and participation from the likes of Hills Cider Company co-founder Toby Kline and Founding Regional President of EA Asia Pacific Nigel Sandiford.

“We were immediately impressed with the traction that [Livewire co-founders] Indy and Brad had achieved in such a short period of time. Gaming audiences are growing materially and yet advertising spend in the sector is still very nascent, so we see the opportunity for substantial growth,” RealVC Managing Partner Matt Berriman said in a press release, “The combination of the Livewire team, its technology and a large and growing TAM was irresistible to RealVC.”

For retailers, businesses and other advertisers looking to adapt to a turbulent economic climate in large part by reaching new audiences and driving customer engagement, the opportunities presented by in-game marketing present an existing value with additional growth potential. Australia’s own Livewire, celebrating rapid successes, appears set to take full advantage.

“As customer lifetime value, brand affinity and loyalty remain priorities for marketing strategies post-pandemic,” write Khabra and Manuel, “Gaming is getting significant attention to help solve those challenges.”

The e-commerce landscape is changing. With a Power Retail Switched On membership, you get access to current e-commerce revenue and forecasting, traffic levels, average conversion rate, payment preferences and more!

About the Author: Power Retail

Share this story!

Leave A Comment

Advertisement
Advertisement
Advertisement
Advertisement