Mirriad Advertising PLC Strategy Update (0905U)
March 27 2019 - 3:00AM
UK Regulatory
TIDMMIRI
RNS Number : 0905U
Mirriad Advertising PLC
27 March 2019
Mirriad Advertising plc
27 March 2019
Mirriad Advertising plc
("Mirriad" or the "Group")
Strategy update
Mirriad Advertising plc ('Mirriad') is hosting a webinar update
at 10am on 29 March 2019 for investors and analysts setting out its
new strategy and giving an update on changes already underway at
the company.
Stephan Beringer, Chief Executive Officer, commented:
" Mirriad has many unique strengths and areas of competitive
advantage and its core proposition is more powerful than ever.
Mirriad is the only true in-video solution that offers a
cross-platform format which looks as real as the content it
integrates with. However, the business has been taken on a path to
market that was significantly out of touch with its content and
distribution partners as well as advertisers and their agencies. A
reset is clearly needed. Today I set out a revised strategy showing
the path to growth"
Mirriad today provides an update on its new strategy following a
detailed review by its new CEO, Stephan Beringer. This strategy
reiterates Mirriad's strong market position and its exceptional
assets while addressing the ineffectiveness of its previous Go To
Market strategy.
The key elements arising from the reassessment of the strategy
are:
1. Mirriad has unique, award-winning and patent-protected
technology for embedding advertising content into existing
video
2. Its addressable market in television and on-line video is large and growing
3. The format is preferred by consumers making it an effective
advertising solution that delivers a strong return on investment
for advertisers and their brands
4. Use of the Mirriad product opens up significant revenue
opportunities for broadcasters/distributors and offers significant
strategic benefits to media agencies and their advertiser
clients
5. Mirriad's Go To Market strategy has historically been flawed.
There was previously a lack of focus on the demand side of the
market (media agencies and brands/ advertisers) and the company had
spread itself over too many markets
6. To address these issues the company will:
a. Implement a revised Go To Market strategy to accelerate
demand by engaging with clients and media agencies as channel
partners
b. Build scale by attracting additional linear and digital
distribution partners as well as content producers to create a rich
and dynamic marketplace. In parallel accelerate technology platform
automation and eco-system integration
c. Focus on core markets and the right kind of revenue. The
company will focus on markets with high per capita advertising
spending and in particular the USA, the UK, Germany, France and
China
d. Pursue one vision, one strategy and one plan that focuses the
company on its path to success and ensures that all resources are
aligned to the opportunity
7. The company has already started pursuing its new strategy
and, together with the new CEO and President, we have:
a. Appointed a new CTO, joining April 2019
b. Exited Brazil
c. Exited India commercially
d. Streamlined its operational teams
e. Put in place new management in the USA
f. Put in place a new organisational structure in Europe
g. Started to implement a new organisational structure in China
h. Taken steps to integrate its product and technology teams
8. The company believes it has a strong investment story based
on this clear strategy for long term growth, unique technology that
embeds rather than overlays video, a product which audiences accept
and a substantial market opportunity with favourable industry
dynamics.
9. The changes and expected changes, will be cost neutral. The
company believes its core cost base will not alter substantially as
it scales over the next two years. The company disclosed cash
holdings at the end of June 2018 of GBP22.1m and cash consumption
in the first six months of 2018 of GBP6.7m. It will publish full
year results in early May which will show that cash consumption
continued at a similar rate in the second half of 2018. Early
trading in 2019 is in line with the company's budget and Q1 2019
revenue has surpassed H1 2018 revenue.
About Mirriad
Mirriad is an established computer vision and AI-powered
platform company, built on Academy-Award winning entertainment
tech, with 14 patents. Using sophisticated technologies, Mirriad
connects people with brands, through seamless ad insertions in
popular linear and digital content. Advertisers can now reach very
large target audiences in a contextually relevant way without
interrupting the viewing experience.
Research has consistently shown in-video advertising to be
highly effective for the marketer and preferred by audiences on TV,
online, and mobile.
Mirriad is headquartered in London, with offices in New York,
Paris, Munich, Mumbai, and Shanghai.
Enquiries:
Mirriad Advertising plc Tel: +44 (0)207 884 2530
Stephan Beringer, Chief Executive
Officer
David Dorans, Chief Financial
Officer
Numis Securities Limited Tel: +44 (0) 207 260 1200
(Nominated Adviser & Broker)
Nick Westlake
James Black
Hugo Rubinstein
Hudson Sandler LLP Tel: +44 (0) 20 7796 4133
(Financial Public Relations)
Daniel de Belder
Bertie Berger
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END
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