The financial terms of the transaction were not disclosed.
Mood provides cloud-delivered media software solutions to more than half a million businesses in more than 140 countries. Combining Mood Media's breadth and scale as the leading in-store experience provider with Vibenomics' differentiated position technology in on-premise media solutions enables deeper insights for advertisers, increased revenue opportunities for brands, and greater consumer engagement and analytic capabilities at the point of sale.
Retail media spend in the U.S. is expected to increase from $31 billion in 2021 to a projected ad spend of $61 billion in 2024. Retail media is an important part of the next generation of on-premise advertising and consumer engagement.
Malcolm McRoberts is the CEO of Mood Media. Strengthening our ability to deliver highly effective programmatic advertising that enhances consumer engagement, provides critical analytical insights, and helps our customers and partners super charge their business results is one of the ways we are extending these efforts. Our goal is to be the leading, end-to-end cloud-enabled provider of fully-integrated on-premise media experiences and the combination with Vibenomics and their outstanding management team allow us to accelerate that journey.
The Mood Media solution creates a simplified ad-buying experience for advertisers while enhancing the management of the customer experience and the associated return-on-investment for retail owners. Retail media platforms can access, deliver, measure and evaluate on-premise digital impressions. Multi-touch models and omnichannel strategies are expected to be outlined in the IAB's retail media categories, definitions and buyers guide.
Retail media networks represent the future of on-premise digital experiences for brands, retailers, and consumers, and they are an important component of any marketer's digital ad campaign. It is important to join forces with Mood. It gives us the ability to vastly expand our reach and that of our advertising partners and media networks, while delivering a higher level of sophistication to the retail marketplace.