Octopus Interactive is a startup bringing an interactive TV and advertising that is used in Uber and Lyft ride-sharing apps. Octopus Interactive has raised $10.3 million funding sphere-shaped led by Sinclair Digital Group. Nowadays Backseat TV mixing shows snippets and commercials have become an integral part of the taxi experience in New York City and other places. For now, Octopus is offering a more interactive version of this idea to rideshare drivers, who can use it to keep their all-time passengers happy and also earn additional money.
According to Octopus; it provides the ride-sharing drivers with tablets that unite games which include cash prizes, and can also be sponsored, in a 13-minute time. The complete process providing the user with ride information details like maps and weather and advertising loop. In case the passenger doesn’t win anything, this could help keep them engaged during a long ride that leads to higher driver ratings. And in case the passenger isn’t interested in the long rides then they can just mute the screen.
However, the company says it’s deploying various technologies to make the marketing process smarter, for example with geo-fences to mark advertising or boost up their frequency in a particular neighborhood, and by offering immediate analytics to advertisers. The ride-sharing company also monitors the seat to verify that a passenger is sitting there when advertising is played during the ride.
The concept that earned a huge sum by Octopus is offering something a more unique version of this idea to rideshare drivers. This interactive version help in keeping the passengers entertained and also help drivers to earn extra money. Even though this process if the passenger doesn’t win something, but this could make them happy with a long ride, which could lead to a higher customer satisfaction rate.
The company Octopus was launched in 2018 and is now reaching more than 3 million people each month. Plying Octopus is one of the well-liked things that people enjoy while riding. It helps in advertising delivering location-based video ads to an engaged audience through interactive tablets inside Uber and Lyft vehicles. At present Octopus is running across 10,000 screens in a marketplace like New York, Chicago, Los Angeles, and Washington. The company is working in collaboration with Sinclair Digital Group an affiliate of TV giant Sinclair. The work of the startup is to bring content from local TV stations onto the platform while the ride inside Uber and Lyft vehicles.
“What we see here is an untapped medium with a truly captive audience that is buckled in and looking to engage,” said Sinclair Executive Chairman David Smith in a statement. “We invested in Octopus because the team has successfully created an innovative and differentiated branding opportunity that we can help scale further.”
In addition to this, MathCapital, an investment firm also has partnered with programmatic advertising company MediaMath to participate in the funding part.