Airtasker Limited (ASX: ART) has struck a $6m media partnership with oOh!media which sees the listed out-of-home player gain a single-digit stake in the marketplace in exchange for millions of dollars in advertising.

The partnership is aimed at increasing Airtasker's brand awareness across Australia. The deal provides Airtasker with $6m in oOh!media inventory in exchange for a 2-year $5m convertible note with a 5.8% coupon rate. At maturity, Airtasker has the option to convert the outstanding note and coupon into ordinary shares at a 10% discount to Airtasker’s 30-trading day volume-weighted average share price or repay the outstanding note and coupon in cash.

Airtasker said it saw outdoor media presenting incredibly exciting innovation opportunities thanks to new digital formats and contextually relevant locations.

"We believe outdoor media is incredibly impactful because of its unmissable nature in a media landscape which is becoming increasingly crowded," said Tim Fung, CEO of Airtasker. "We’re super excited to be partnering with oOh!media in Australia and building on the momentum of our media partnership strategy."

Airtasker reported positive free cash flow of $2.5m and $19.7m in cash and term deposits on balance sheet with zero debt for the quarter ending 31 March 2024.

The company struck a similar $6.7m deal with Channel 4 in the UK six months ago, which resulted in 49% growth in posted tasks in the third quarter of FY24.

"This collaboration allows Airtasker to leverage the strength of our unrivalled network and sophisticated data techniques to support its mission of driving growth in their trusted community platform," said Andrew Every, Chief Strategy and Transformation Officer at oOh!media.

Since launching its online services marketplace in 2012, Airtasker has put more than $550m into the pockets of workers and served more than 1.3m unique paying customers across the world.