(Sharecast News) - In-game advertising platform provider Bidstack Group said on Thursday that full-year revenues were on track to exceed market expectations.
Bidstack stated it had experienced "significantly increased" demand from advertisers in the second half of 2020, leading the group to work hard on both the demand and supply-side strategies of its business.
On the supply side, Bidstack said it was working closely with leading international advertising agencies and brands, while its supply-side strategy continued to focus on working with a number of the video games developers and publishers to incorporate its technology into their games, successfully generating revenues in core markets in the process.
Chief executive James Draper said: "In the second half of 2020 we have been conducting our work with quiet efficiency. Over that period we have seen a step-change in interest from brands wanting to activate within gaming. We are witnessing average order values increasing significantly and experiencing advertising agencies now including in-game advertising as a component in large media plans. We believe this is a meaningful shift from where the market was 12 months ago.
"We are at the beginning of a new industry, where brands will continue to explore and invest in ways to activate and protect their IP in and around interactive entertainment. The diligent work of our growing team, the knowledge we have accumulated and the demonstrable acceleration of revenue being run through our products put Bidstack in a strong position to capitalise on this growth."
As of 1120 GMT, Bidstack shares were up 17.74% at 6.83p.
13 Feb 2023 12:04
IN BRIEF: Bidstack shares up as eyes yearly revenue to increase
Bidstack Group PLC - London-based advertising agency - Expects revenue of GBP5.3 million for 2022, up from GBP2.6 million in 2021. Gross margin is expected at 70%, compared to 36% a year earlier. Cash at December 31 amounts to GBP8.7 million, up 21% from GBP7.1 million on the same date a year ago. Looking ahead, says about GBP1.2 million of revenue is already booked for the first quarter of 2023, driven by the recently hired US in-house sales team. Expects 2023 revenue to increase more than previously anticipated.
Read more