Newspapers Get Serious About Digital Ads

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Aug. 23 (Bloomberg) -- Wanderful Media CEO Ben Smith discusses digital advertising trends with Pimm Fox on Bloomberg Television's "Taking Stock." (Source: Bloomberg)

Good to have you with us.

Please explain about wanderful media.

What groups have come together to create the company, and what are they trying to accomplish?

A series of companies came together to form a company to grow and re-create a digital audience for what historically was served by the printed circular.

The glossy that you would often see in your newspaper at best buy or target to did you go in the store -- get you to go into the store.

They create this company, wanderful media.

What have you been tasked to do?

Our task is to build an engaged audience of shoppers.

Our focus over the last year has been building a product that engages the audience across the web.

Mobile devices and the tablet, with a real big focus on the tablet given that we think that is a very natural way to do discovery shopping, figure out what you want to go to on the weekend.

Just give us a little bit about your background, because you are a bit of an internet veteran.

I began doing investing and starting companies about 10 years ago, my second career after spending a long time in the strategic business.

I developed media properties, some of which have exited and had successful returns, and some of which i hope they will do at one point in the future who are still out there and still working alone.

Explain how findandsave.

Com came to be, and what the plan is for the future.

It is the property that we run for the local discovery shopping.

It operates across 400 newspaper sites.

If you click on shopping on "the dallas morning news," you will be on find and save.

You will see is operating for other types of companies going forward, including broadcast stations and radio stations on their websites.

It's a big part of how we achieved distribution.

We have received 100 -- over a million sale opportunities a week that are being put in front of customers.

Going forward, you will see us move into addressing the mobile audience and being able to make offers to consumers when they are out of the home, when they're close to a walgreens, a cbs -- cvs.

Who is your biggest competitor?

I think my biggest competitor is amazon.

We are really out there, trying to focus on growing and protecting the store relationship between local retailers and the local media business.

Amazon has a different approach on that of driving people.

What is the response in terms of getting more newspapers to sign up for wanderful media?

Outside the original 12 who formed there, some people are partners but not investors.

You as a couple other partners -- will see a couple other partners announced two are not partners yet, and a couple of companies outside the newspaper business -- who are not partners yet, and a couple of companies outside the newspaper business.

How much does it cost to create this service?

It doesn't cost anything for our newspaper partners.

We are providing them a revenue stream.

For us and our investment partners, we raised $36 million to date.

We have a significant and talented team here in silicon valley.

This text has been automatically generated. It may not be 100% accurate.


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