Business
AGM statement
AGM statement.
About this update from Mirriad Advertising Plc
[{"type":"text","content":"\n\n28 June 2024\n \nMirriad Advertising plc\n(\"Mirriad\" or the \"Company\")\n \n \nAGM statement\n \nMirriad, a leading virtual product placement and in-content advertising company, announces that at the Company's Annual General Meeting (\"AGM\") being held later today, Chairman, John Pearson, will give the following update on trading:\n \n\"Revenue for the first half of the year is expected to be in the order of £400k (H1 2023: £592k). This is disappointing but we anticipate significant contributions from partners' sales in H2 and, in particular, contributions from our inclusion for the first time in the US Network Upfronts*, which are heavily weighted to Q3 and Q4 as per industry norms. There are multiple Upfront discussions between partners and agencies that involve Mirriad-created inventory as part of yearly packages, and we are optimistic that these discussions will lead to substantial budget allocations. We remain confident in our overall revenue expectations for the year though this does now depend increasingly on these partner-led initiatives, over which we have only limited visibility.\n \nIn addition to the above, we have initiated co-marketing activities with multiple partners that will launch in July 2024 and are expected to push sales for the remainder of the year. In the US we have launched EMPOWER, a strategic alliance with diverse-owned media supply partners designed to build a more equitable media ecosystem and drive the Inclusive Media movement forward. This market represents a significant standalone revenue opportunity and Mirriad is well-positioned to capitalise on the need for inventory in this space.\n \nOur push towards programmatic sales, sustained by growing advertiser and media partner demand, has progressed in terms of the alignment with leading adtech and CTV (connected TV) companies in the industry; however, in a complex ecosystem of interlinked players, we have been constrained by the readiness of some third parties. We therefore acknowledge a delay to the programmatic roll-out in CTV that had been expected in H1, but stress that the overall size of the opportunity to integrate the Mirriad ad format as a new standard in the ecosystem remains the same.\n \nWith regard to cost savings, we have already initiated the majority of the £250k of annualised administ...