Mirriad Advertising PLC Market Update (6761G)
19 March 2020 - 6:00PM
UK Regulatory
TIDMMIRI
RNS Number : 6761G
Mirriad Advertising PLC
19 March 2020
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 31(st) 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 GBP16.2m 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
12(th) May 2020.
END
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
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END
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