TrueX

TrueX
Formerly called
 SocialVibe
Subsidiary
Industry Online advertising
Founded 2007 in California
Headquarters Los Angeles, California, U.S.
Services Engagement advertising
Number of employees
 30-50
Parent 21st Century Fox
Website Homepage

TrueX is a digital ad company founded in 2007 by Joe Marchese, Brandon Mills and David Levy. The company is headquartered in Los Angeles and was formerly known as SocialVibe. As of 2015 it a wholly owned subsidiary of 21st Century Fox[1]

Company history

TrueX received $4.2 million in Series A funding led by Redpoint Ventures in December 2007, and originally enabled consumers to raise money for the social causes they wished to support.[2] It was launched in February 2008 in public beta,[3] and, as of October 19, 2009, its members have raised a total of more than $700,000 for their respective charities.[4] On August 25, 2008, SocialVibe formed a partnership with Interpublic, one of its largest liaisons to date.[5][6] In January 2009, JAFCO Ventures led an initiative along with Redpoint Ventures to raise the total amount invested in the company to $12 million, as the company shifts to a revenue sharing model with the charities it represents (all of the money raised on TrueX formerly went to the charity itself)[4][7] In March 2011, TrueX closed a $20 million round of funding led by Norwest Venture Partners.[8] In 2013 the company became known as TrueX, and between 2013 and 2014, the company doubled its revenues.[9][10] In May 2014 the company also received an additional $6 million in funding.[11] Directors of the company include James Murdoch, Mich Matthews, and Jonathan Miller.[12] The CEO of the company is co-founder Joe Marchese.[13]

Engagement advertising

Truex has worked with Microsoft, Visa, Apple, Disney, Coca-Cola, Kia, Kraft, Macy's, Nestle, Procter & Gamble and Discover on online advertisements.[14] The company delivers ad units that are self-selected by the viewer in exchange for access to online content such as videos, music, games, or more articles.[9][15] The ads take over the browser of a user's computer for about 30 seconds, and require user participation for completion.[16] The results are measured in engagement metrics, such as submitted survey forms, video views, likes, and shares. TrueX is also a source of ad inventory for text and visual ads. The company has deals in place to provide ad space with publishers such as Tribune Co., Fox, and AT&T,[11][17] distributing them programatically.[12] The engagement has reduced digital ad fraud.[9]

Awards & Recognition

In August 2010, Forbes recognized SocialVibe's engagement for Microsoft Bing on Zynga's FarmVille as one of the "Best-Ever Social Media Campaigns."[18] The campaign garnered over 425,000 fans for Bing in less than one day, and 70% of the fans visited the search engine in the following month.[18][19] The campaign was also won an OMMA Award for Online Advertising Creativity in the social media category in September 2010.[20]

References

  1. ↑ http://variety.com/2015/biz/news/fox-earnings-lachlan-murdoch-1201557555/
  2. ↑ Keane, Meghan. "Interpublic Partners With SocialVibe to Tap Into Brand Promotion on Social Networks". WIRED.
  3. ↑ K.C. Jones. "SocialVibe Raises Funds For Earthquake, Cyclone Relief Information Week
  4. 1 2 Kee, Tameka (January 12, 2009). "paidContent.org - SocialVibe Gets $8 Million Second Round For Social Media "Activism"". The Washington Post.
  5. ↑ http://www.marketingvox.com/interpublic-socialvibe-go-fishing-for-brand-evangelists-040594/
  6. ↑ http://www.bizreport.com/2008/08/interpublic_backs_socialvibe_to_link_social_nets_with_brand.html
  7. ↑ Semuels, Alana (January 17, 2009). "Venture capitalists abandon 'spend mentality'". Los Angeles Times.
  8. ↑ http://adage.com/article/digital/socialvibe-closes-20-million-funding-round/149506
  9. 1 2 3 http://adage.com/article/digital/ad-fraud-creates-worry-opportunity/292565/
  10. ↑ http://www.labusinessjournal.com/news/2013/nov/06/socialvibe-becomes-truex/
  11. 1 2 http://techcrunch.com/2014/05/21/truex-new-funding/
  12. 1 2 http://www.forbes.com/sites/roberthof/2014/04/17/in-bid-to-make-online-ads-more-engaging-truex-taps-power-media-trio-for-board/
  13. ↑ http://www.labusinessjournal.com/news/2013/may/01/socialvibe-co-founder-returns-ceo/
  14. ↑ SocialVibe: How advertising and social media can change the world. (2011, January 27). Simon Mainwaring. http://simonmainwaring.com/social-networking/socialvibe-how-advertising-and-social-media-can-change-the-world/
  15. ↑ SVnetwork Incenting Consumers With Self-Selecting Social Ads Says CEO Samit. (2010, October 14). AdExchanger. http://www.adexchanger.com/ad-networks/svnetwork-incenting-consumers-with-self-selecting-social-ads-says-ceo-samit/
  16. ↑ http://mobile.nytimes.com/blogs/dealbook/2014/04/16/james-murdoch-joins-board-of-advertising-start-up/?_php=true,true&_type=blogs,blogs&action=click&module=Search&region=searchResults&mabReward=csesort:h&url=http://query.nytimes.com/search/sitesearch/%3Faction%3Dclick%26region%3DMasthead%26pgtype%3DHomepage%26module%3DSearchSubmit%26contentCollection%3DHomepage%26t%3Dqry950%23/murdoch&_r=1
  17. ↑ http://www.adweek.com/news/technology/horizon-media-can-now-buy-programmatic-ads-based-engagement-158264
  18. 1 2 Best-Ever Social Media Campaigns. (2010, August 17). FORBES. http://archive.is/20130123221253/http://www.forbes.com/2010/08/17/facebook-old-spice-farmville-pepsi-forbes-viral-marketing-cmo-network-social-media_slide_19.html
  19. ↑ Bing's Virtual Bling Buys Facebook Fans. (2010, March 4). Brandweek. http://www.brandweek.com/bw/content_display/news-and-features/incentive/e3ic70c834af0ab2460c16c05fd01736a5d
  20. ↑ OMMA Awards 2010 Winner: Online Advertising Creativity, Social: Campaign category. (2010, September 27). OMMA. http://www.mediapost.com/events/?/showID/OMMAAwards.10.NYC/type/AwardWinner/itemID/1663/OMMAAwards-Winners.html
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