Business
Q1 Trading Update
Q1 Trading Update.
About this update from Seeen Plc
[{"type":"text","content":"\n \n \n RNS Number : 8939L\n Entertainment AI PLC\n 05 May 2020\n \n \n \n \n \n \n \n Entertainment AI plc\n \n \n (\"EAI\", \"Group\" or the \"Company\")\n \n \n Q1 Trading Update\n \n \n Entertainment AI plc (EAI: AIM), a leading technology and media platform company focused on transforming video content and e-commerce through micro-moments, announces its trading update for year-to-date through the end of the first quarter.\n \n \n The Company is pleased to report that adjusted profits before tax were in line with expectations. Whilst the Group's Multi-Channel Network showed strong growth in audience views and watch minutes, because of the impact of Covid-19 and the market-wide reduction in digital video advertising spend, the Company does not expect this growth to translate into a similar increase in revenue. However, the Company has maintained a strong balance sheet with cash of $7.9m as at 30th April and remains on track to launch its new AI-driven products on schedule in May and June.\n \n \n Highlights\n \n \n ● GTChannel views up 35% at 4.4 billion (Q1 2019: 3.3 billion)\n \n \n ● Revenue per view down 33% at $1.57 CPM (2019 CPM: $2.33), reflecting wider market conditions\n \n \n ● Revenue down 8% at $2.1 million (Q1 2019: $2.3 million)\n \n \n ● Adjusted loss before tax of $630,000 in line with expectations \n \n \n ● Strong balance sheet with $7.9 million of net cash as at 30 April 2020, which enables the Company to meet all its growth objectives as outlined at IPO in September 2019\n \n \n ● Q2 proprietary technology product launches geared to address market-wide decline in digital ad revenue; products not only address digital ad revenue yield from the Group's MCN but also open multiple revenue channels including licensing to other brands and MCNs affected by the same market downturn in YouTube digital ad spend\n \n \n o\n \n Mid-May launch of the Group's first product offering, CreatorSuiteTM, to assist video creators to gain higher yield from their content, studio and marketing activities and videos\n \n \n o\n \n Mid-June launch of BrandSuiteTM to drive B-to-B licensing opportunities emerging beyond application to the Group's own MCN\n \n \n Trading Update and COVID-19 effects\n \n \n The Company's previously announced product roadmap post IPO has been to use VCT investment to...