LONDON (Alliance News) - In-game advertising firm Bidstack Group PLC said Friday it has begun generating its first "material" revenue in 2018 as it looks to scale its platform across further video games.
"We have made good progress against our stated objectives since coming to the market in September 2018," Chief Executive James Draper said.
Bidstack listed on the London Stock Exchange in September after a reverse takeover of Bidstack Ltd by listed cash shell Kin Group PLC. The company raised GBP3.5 million in a share placing at the same time.
"The funds raised have been put to use primarily on expanding our sales team and refining our technology and the company has successfully transitioned from proof of concept to revenue generation through the platform," Draper added.
"Bidstack is now serving digital dynamic advertising into games across different continents, proving that the platform can scale globally."
In 2018, the firm generated its first "material" revenue. The firm expects over GBP300,000 in revenue for the year, in line with market forecasts.
Bidstack has signed exclusive dynamic digital advertising contracts for nine games. These include Football Manager 2018 and 2019 as well as DiRT Rally 2. Bidstack added it was in discussions with "several other leading games developers and publishers" about future deals.
The firm explained its platform was now live in both these Football Manager games. Across the two, Bidstack has experienced around one million impressions per day in Asia alone during December 2018.
Football Manager 2019 was launched in early November, and Bidstack has successful launched beta trials with approximately 20 advertisers. These include telecommunications firm TalkTalk Telecom Group PLC, publisher Penguin Random House, and shoe-maker Converse.
Shares in Bidstack were 10% lower at 4.28 pence on Friday.
