By Emmie V. Abadilla
Filipino B2B (business to business) platform provider, Audiowav Media, Inc.(AudioWAV) , which has hauled in 315 million users for its audio advertising in the Philippines and Indonesia to date, is gearing up for an Initial Public Offering (IPO) next year to expand operations in Southeast Asia and China.
Audiowav is in the business of the senses – from customized music streaming for small and medium enterprises (SMEs) and large corporates to infusing retail spaces with customized scent, providing visuals and Digital Meeting Solutions, with 200 brands under its wings.
Already, its audio advertising nets ₱850 million earnings a year. Its subscription-based, music streaming and messaging solution, WAV Flow, is used by the biggest malls in the country, from Ayala to Robinsons, with 15 million users and ₱300 milion in annual revenues.
It’s even bigger in Indonesia, where it posts a customer traffic of 315 million in Jakarta’s trains, netting P500 million revenues, according to President and CEO Caloy Hinolan.
Next, he plans to launch WAV Flow in Thailand, Vietnam, Malaysia and eventually, China. Hence, he needs to raise funds for regional expansion. “We are targeting 50,000 locations in the Philippines and 200,000 across Southeast Asia. Filipinos are good for this type of business because we are capable of code embedding and building platforms.”
In the Philippines, WAV Flow has just one competitor, Spotify for Business, but then, the former comes with a box and is 50 per cent cheaper, with a ₱999 per month starting subscription rate.
AudioWAV’s team has patented their music streaming solution and it was developed locally although curating music channels, station IDs and seasonal greetings with a music box has long been used in establishments in the US, Europe and Japan. “They have been doing this 50 years ago.”
Significantly, the playing of music can enhance a consumer’s experience and appetite. In restaurants, music can boost consumption of alcohol, in particular, by as much as 40 per cent, according to studies.