The Federal Communications Commission has approved a new $10 billion investment in ad tech to allow the cable giant to deliver its ad campaigns to advertisers across a wider range of platforms.
The investment, which Comcast says will increase the amount of advertising it offers on television and online, is expected to bring Comcast’s total ad spending on the airwaves to $80 billion by 2020, up from $69 billion currently.
The announcement comes less than two months after Comcast announced that it would begin using digital ad platforms, such as Snapchat, to deliver TV ads to more than 30 million TV viewers, with a goal of reaching 60 million in 2021.
The company’s initial investment will be used to build out its new ad tech platform, called AdX, and to scale up to more platforms in the coming years.
“We are thrilled to be investing in an ad tech that will give us the power to deliver better-informed, more targeted and more personalized advertising to advertisers,” said Comcast CEO Brian Roberts in a statement.
“With the launch of AdX and the other new features we’re developing with our partners, we expect to continue to improve and expand the breadth of our reach.”
The announcement is a huge step for Comcast, which already has a significant footprint in the ad space, as it looks to expand its reach.
Earlier this month, Comcast announced a partnership with Snapchat for its ad platforms and the new AdX ad tech is part of that effort.
Comcast says it is now the world’s largest ad tech provider, and will be able to deliver ads to viewers across TV, online and mobile devices.