After the sports betting data provider announced a partnership with advertising firm PMG, which became a founding agency partner of FANHub, shares of Genius Sports (NYSE: GENI) jumped on Wednesday.
Genius shares were up more than 11% in noon trading on activity that was more than 60% higher than the daily average, continuing a surge that has seen the company rise 31.10% so far this year. As the latest indication of Genius's artificial intelligence (AI) capabilities gaining traction and another instance of the company gaining business outside of the sports betting industry, the deal with PMG, which represents brands like Nike, TurboTax, Best Western, and Beats by Dre, was probably well received by investors.
"The multiyear partnership will focus on innovative brands within PMG’s portfolio that are looking to reach passionate and loyal sports audiences. The partnership will also see Genius Sports help enrich Alli, PMG’s proprietary AI-driven marketing operating system,” according to a press release.
The tech-focused platform Alli from PMG uses real-time data to activate media and predict trends related to live pop culture and sporting events. Advertising clients can utilize the information to better serve potential clients. The agreement with Genius's financial specifics were not made public.
Some experts are impressed by Genius's apparent growth in its total addressable market (TAM). Advertising accounts for a sizable amount of the company's expansion beyond its primary function of supplying data to sportsbook operators.
According to a statement released last month, Genius and the NFL announced an extended arrangement whereby the software business "will now exclusively represent the in-game advertising inventory." Genius and social media site X reached an agreement a year ago for Genius' "Trend Genius" product.
Trend Genius is intended to present ads that are relevant to discussions occurring on X in real time. In a fictitious scenario, advertisements from gaming companies could be shown during a lively, multi-participant discussion on "sports betting X."
Genius's FANHub platform, which was purchased four years ago, will be strengthened with an investment from PMG. Genius has the ability to let PMG help marketers better target their advertising while increasing return on investment with FANHub.
“PMG’s investment reflects the growing recognition that sports advertising requires specialized technology and expertise,” said Josh Linforth, chief revenue officer at Genius Sports, in the statement.
The stock's popularity on Wall Street can be attributed in part to its brilliant decision to diversify its revenue sources outside sports betting. Sixteen of the 17 analysts that cover the name give it a "strong buy" or "buy" rating.
With the utilization of next-generation ad platforms, enhanced measurement innovation, and access to new technology, PMG may be able to help Genius Sports experience yet another growth wave.
The announcement said, "PMG will test cutting-edge advertising solutions, such as immersive experiences like Augmented Ads and contextual sports placements that integrate within live game content." "To stay ahead of industry trends, PMG clients will have early access to FANHub's newest innovations and platform capabilities."
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