NEW YORK, March 06, 2024 (GLOBE NEWSWIRE) -- PadSquad, the leading provider of high-impact digital advertising experiences for global brands and agencies, today announced a record-breaking 2023 with a 35% increase in year-over-year revenue, coupled with an 80% surge in revenue during the fourth quarter of 2023 alone.
In a strategic move to develop interactive video advertising solutions, PadSquad acquired patented assets from Source Digital to enable video content recognition and the real-time delivery of interactive pre-roll ads. Branded as VidStream+, PadSquad was now able to offer a suite of comprehensive video solutions across digital video, including pre-roll, and connected TV resulting in a 70% year-over-year increase in video revenue for the company.
In 2023, the company also significantly expanded its workforce, increasing its exceptional staff by more than 20%. Throughout 2023, PadSquad delivered exceptional value to its clients, executing over 640 bespoke brand campaigns and deploying more than 2,400 ad creatives throughout the year. During this time, PadSquad served over 5 billion high-impact impressions, solidifying its ability to drive meaningful results for brands across various industries and vertical segments.
"Despite some well-reported industry headwinds, we were able to experience significant growth during 2023 thanks to strategic investments in technology and our people," said Daniel Meehan, founder and CEO of PadSquad. "The fact that we were able to achieve such growth is a testament to the hard work and dedication our teams have towards pushing for innovation and doing what’s right for the client."
PadSquad also announced a first-of-its-kind collaboration with Amazon Ads to make their proven interactive ad formats available in the Amazon DSP. The company was able to leverage learnings from its highest-performing digital ad experiences in retail and CPG to build a suite of interactive ad formats from the ground up for optimal performance within the Amazon DSP.
“In the wake of cookie and signal loss, high-impact advertising has become even more crucial for marketers to effectively engage audiences. With traditional targeting methods diminishing, high-impact advertising offers a potent means to capture attention, resonate with consumers, and drive meaningful interactions without relying heavily on individual tracking,” continued Meehan.
PadSquad's dedication to innovation, creativity, and leadership was recognized with six industry awards from organizations, including AdExchanger, OMMA, and Inc. For the second year in a row, the company was named one of the Fastest Growing Companies on the Financial Times list.
This exceptional growth has PadSquad well-positioned to thrive even more in 2024 as a market leader in the digital advertising space.
About PadSquad
PadSquad is the leading provider of high-impact digital advertising experiences for global brands and agencies. The company specializes in creating bespoke creative digital assets designed to help brands engage with consumers and inspire action across desktop, mobile, display and video channels. With countless award-winning and industry-defining campaigns, PadSquad is widely considered the creativity and innovation leader in digital advertising and has been named to the Inc. 5000 and Financial Times’ lists of Fastest Growing Companies for 2022 and 2023. Learn more at www.padsquad.com.
