(Alliance News) - Video content data analytics firm Entertainment AI PLC on Wednesday reported growth in the year-to-date following its recent admission to AIM trading.
Shares in the company were 12% higher at 45.90 pence each.
In the nine months to September 30, net revenue grew sharply by 77% year-on-year to USD6.9 million from USD3.9 million in the firm GT Channel Inc subsidiary. Net revenue deducts commission owed to Google LLC's video sharing site Youtube, Entertainment AI explained.
GT Channel, which has a Youtube channel showcasing reviews and features related to the automotive industry, had a 55% rise in video views on the same period last year to 9.0 billion views from 5.8 billion, the company added.
Chair Patrick DeSouza said: "We are now on our way post-IPO with follow-through momentum in terms of audience growth and ad revenue. We appreciate the confidence that our institutional funding partners have in our board and team as we deploy AI and machine learning technology to expand revenue channels with e-commerce and content sharing opportunities for audiences.
"We have an exciting journey ahead and are confident that we are coming to market at the right time as media, technology and telecoms converge to provide consumers frictionless sharing and e-commerce opportunities from short-form video content."
Tagasauris Inc, another subsidiary, is participating in a pilot project with a Japanese television channel JSports to aid its coverage of the 2019 Rugby World Cup being held in the country.
Entertainment AI said it will report on the progress of the partnership after the competition is completed in November.
The company, formerly known as Blockchain Worldwide PLC, changed its name and strategic direction after acquiring Entertainment AI Inc, GT Channel and Tagasauris for a total consideration of GBP12.9 million. The company was initially seeking to make an acquisition within the blockchain sector.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
