Internet Radio Spot Service Launched, Stock Soars
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Shares in Digital Generation Systems Inc. more than doubled after the company reported the launch of its iAudio service, which transmits broadcast-quality radio spots over the Internet.
Shares of the nationwide multimedia network operator rose $1.06 to close at $4.25 as 6 million shares changed hands, more than a hundred times the average volume for the past three months, according to Bloomberg News. The stock closed the day before at $2.81. The high Thursday was over $7.
"Together DG Online and iAudio provide a complete e-commerce solution to radio advertisers, agencies and studios," said Hank Donaldson, DG Systems' president and CEO.
"With the prevalence of digital audio workstations among studios and radio stations, iAudio provides a seamless integration into existing equipment and environments," the company said.
Digital Systems operates a nationwide digital network that links hundreds of advertisers and ad agencies with more than 5,500 radio stations and 500 television stations across the U.S.