Last checked at 19 Mar 2020 07:00
Mirriad Advertising plc
19 March 2020
Mirriad Advertising plc
("Mirriad" or the "Group")
Market update
Mirriad Advertising plc ('Mirriad'), the computer vision and AI platform company is updating the market on current business performance.
Mirriad continues to make good progress in its key partnership with Tencent Video ("Tencent") in China. As previously announced to the market, Mirriad has a guaranteed revenue arrangement with Tencent covering the two years ending 31st March 2021. Following initial disruption caused by the sudden impact of the coronavirus in China, Tencent has resumed activity with Mirriad, placing advertising orders over the last two weeks from Luckin Coffee, Mengniu Dairy, Enterprise WeChat and Huawei.
Tencent is continuing to develop the market for Mirriad's in-video advertising product in China and, in addition to repeat clients, is expecting to continue to acquire new customers over the months ahead. Tencent and Mirriad are working on additional ways to deepen and strengthen their relationship and Mirriad hopes to update the market on specific new developments over the next few months.
Mirriad can also report steady progress in its partnership discussions with a number of leading global entertainment companies. Likewise, interest and demand from certain multinational consumer brands is growing at an equivalent pace.
Mirriad is also pleased to report the highly successful conclusion of a pivotal campaign with a leading advertiser in the USA. The results of the campaign were verified by a renowned independent research company. They will be reported in more detail shortly but showed that a combination of Mirriad in-video and standard spot advertising significantly helped drive frequency of consumption and amounts spent.
This is the first study showing that Mirriad in-video advertising can increase purchase even among heavy users of a product and represents a further argument for the exceptional effectiveness and broad adoption of the solution in the industry.
While Mirriad cannot remain immune to the macro economic issues caused by the coronavirus, our business is well capitalised following the placing of £16.2m of new shares in July 2019 and we continue to make good progress against the plan outlined to investors at that time. That being said, we will continue to actively review our cost base and take steps to preserve cash to ensure longevity throughout this period of significant uncertainty.
Mirriad will release its full year results to the market on 12th May 2020.
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About Mirriad
Mirriad's award-winning solution unleashes new revenue for content producers and distributors by creating new advertising inventory in content. Our patented, AI and computer vision technology dynamically inserts products and innovative signage formats after content is produced. Mirriad's market-first solution seamlessly integrates with existing subscription and advertising models, and dramatically improves the viewer experience by limiting commercial interruptions.
Mirriad currently operates in the US, Europe and China.
Enquiries:
For further information please visit www.mirriad.com or contact:
Mirriad Advertising plc
Stephan Beringer, Chief Executive Officer
David Dorans, Chief Financial Officer
Tel: +44 (0)207 884 2530
Nominated Adviser & Broker:
Canaccord Genuity Limited
Simon Bridges
Thomas Diehl
Tel: +44 (0)20 7523 8000
Financial Communications:
Charlotte Street Partners
Tom Gillingham Tel: +44 (0) 7741 659021
Andrew Wilson Tel: +44 (0) 7810 636995