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An online marketplace for unsold radio ad inventory, Bid4Spots, launched yesterday in the hopes of transforming the process of buying and selling last-minute radio spots. The site brings buyers and sellers together in a reverse auction model, along with CRM-based pricing. Media buyers willing to forego the selection of specific stations and advance planning can buy spots for significantly reduced ad rates.
Unlike a standard auction where buyers do the bidding and the highest price wins, Bid4Spots has sellers do the bidding, and the lowest price wins. Advertisers create their own auctions early in the week for ads they would like to air the following week, specifying demographics, dayparts and formats, and maximum amount they’ll pay, and auctions take place every Thursday to sell last-minute airtime for the following week.
Bid4Spots was created by radio advertising veteran Dave Newmark, president and CEO of Newmark Advertising. Since beginning a pre-launch test in January, Bid4Spots has drawn more than 1,000 U.S. stations nationwide, from most of the top 300 markets.
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