MNTN Inc, led by Ryan Reynolds as chief creative officer, debuted on the NYSE with shares opening at $21 and rising over 14%. The company's initial public offering occurred amidst rising popularity for ad-supported streaming options as data indicates 46% of subscriptions are now ad-supported, reflecting a 33% growth year-over-year. MNTN aims to capitalize on this market with its Performance TV platform, which provides targeted advertising services for small businesses, showcasing an increase in customers from 142 in 2019 to over 2,225 in 2024.
The listing comes as streaming platforms are seeing strong growth in their ad-supported tiers, despite the friction that has caused with viewers who now often have to pay a premium to weed ads out.
MNTN sees a big opportunity here, pinning its hopes on a "self-serve" platform it calls Performance TV, or PTV, which offers ad targeting and measurement capabilities to small- and medium-size businesses.
According to market research firm Antenna, 46% of streaming subscriptions are now for ad-supported tiers on services that offer them, representing year-over-year growth of almost 33%.
Advertising finds a way as evidenced by Netflix's ad-supported tier gaining significant traction with younger audiences largely overlooked by traditional networks.
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