(Sharecast News) - In-content advertising technology company Mirriad announced significant supply-side momentum in the US and Latin America in an update on Wednesday.
The AIM-traded firm said the development included the establishment of two new master service agreements (MSAs) and an expanded partnership scope in the US, accompanied by a noteworthy increase in partner-driven sales activity.
It said the first MSA involved one of the US's prominent American English-language commercial television networks.
With its broadcasts and streaming service reaching around 120 million US households, Mirriad said the network held a strong presence among the coveted 18-34 age group viewers.
The second MSA pertained to the Latin American division of a major global entertainment and media corporation known for owning a leading global streaming platform.
It said the company also boasts a portfolio of Latin American 'originals,' including fiction series, live shows, and multiple television channels and streaming services.
In addition to the new agreements, Mirriad said it was expanding its existing collaboration with a prominent American multinational broadcasting and mass-media firm.
Ranked among the top ten in advertising revenue in the US, the partner had chosen to broaden its engagement with Mirriad's platform.
It would now encompass various content categories, including lifestyle, DIY and others, with future plans for programmatic sales.
Mirriad's proactive in-content sales generated by partners in the ten months leading up to October showed remarkable growth of 53% compared to the full 12 months of 2022.
The company anticipated the sales trajectory would persist, underscoring the increasing adoption of the in-content advertising format and its growing alignment with partners' strategies.
Furthermore, Mirriad said its recent announcement of a tier one master licence and services agreement in November indicated a strong pipeline, with ongoing negotiations for several additional tier one agreements in the US.
"These new agreements, combined with those announced in November, demonstrate our progress towards establishing in-content as a standard format across the industry, and the increase in partner-driven sales reflects the cumulative effect of previous agreements beginning to pay off," said chief executive officer Stephan Beringer.
"The scale of inventory - with popular programmes from multiple industry-leading media companies - paired with these partners' investments in driving sales and the clear path to programmatic transactability of streaming inventory are all long-targeted indicators of Mirriad's readiness for scale.
"It's important to understand the significant resources of the companies we are partnering with, and the US market's importance in establishing Mirriad's proposition as a globally leading platform and solution."
Beringer said that for market context, the top three entertainment media companies in the US - one of which Mirriad was already working with - generate more than six times the revenue of the top three in the UK.
"All globally leading streaming platforms are US-based, as are the key advertising platforms, and most supporting innovations have originated in the US market.
"Our prioritisation of key players in this geography is pivotal to moving from market building to a growth phase."
At 1210 GMT, shares in Mirriad Advertising were up 0.31% at 2.31p.
Reporting by Josh White for Sharecast.com.
Mirriad Advertising (MIRI)