Public transport digital media network operator Digital Media Group (DMG) has announced it has acquired additional funding of USD 30 mln from Gobi Partners and Oak Investment Partners.
On the same day, DMG stated it had signed agreements with Shanghai Metro Television (SMT) giving DMG exclusive operating rights for the next 5 years for television advertisements located on the platforms and in train carriages on Lines 1 to 13 of Shanghai's subway. Cao Jiaqin, CEO of DMG, stated that the company expects to earn USD 250 mln in revenue from the agreement. Cao also mentioned that the agreement increases DMG's nationwide subway advertising network to 30 lines and gives the company access to 1 mln passengers daily. DMG did not reveal financial details relating to the contract, but a source has stated DMG paid RMB 700 mln for the operating rights.