INTERIM RESULTS 12 September 2019 - Mirriad Advertising plc
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INTERIM RESULTS
12 September 2019
H1 Highlights • New strategy, new focus • Strengthening of executive team; technology and US • Successful fundraise, raising £16.2m (gross) • Steady roll-out of new Go-To-Market strategy • Continuing proof of high advertising efficacy of Mirriad’s format
Strong market progress since new strategy launch • US, UK, FR, GER: • Contracts with 4 supply partners • France Televisions signed in August • Significant push in UK and US, currently negotiating 7 new deals • Building demand across all agency groups • Growing engagement with blue chip clients • CN: new important partnership launched with Tencent Video, announced July 2019
The partnership with Tencent video
Two year Minimum Automated
contract guarantee /integrated
• Tencent expected to reach over 100 million paid subscribers in H1
2019
• To end July orders received represent c30% of Year one minimum
annual commitment
• Fully integrated platform successfully tested and launched by TencentTencent Integration
Content file transfers
Analyze
(via Aspera)
Media
Available Planner
Inventory Inventory ü View inventory
Platform ü Load brand creative Video
(Powered by ü Place buy order CMS
Mirriad)
Media
Buyer
Content file transfers
(via Aspera)
Embed
Embed package
Mirriad Branded Partner
segmentsHigh efficacy of the product demonstrated in China
Ctrip branding in episodes of Over The Sea I Come To You led to strong increases across key campaign metrics
Tencent members audience: Brand Metrics
+17%
+39%
+24%
69%
60% 59%
51%
43% 41%
Awareness Consideration Recommendation
Unexposed ExposedHigh efficacy of the product demonstrated in the US
T-Mobile branding in episodes of La Piloto led to double-digit increases for several metrics
+15%
+16%
+15%
91% 87%
68% 78% 79% 75%
TV Ad Awareness Brand Favorability Consideration
TV spot exposure TV Spot + Mirriad exposureHigh efficacy of the product demonstrated in Europe
SEAT branding in TF1 episodes of Tomorrow Belongs to Us led to double-digit increases for brand consideration
+230%
+44%
23%
13%
9% 10%
TV Ad Awareness Consideration
Unexposed Mirriad exposureOur opportunity
To become the new key source of revenue for content
producers and distributors with a solution that combines
outstanding advertising impact with a superior viewing
experience.
CONTENT
INDUSTRY
New, scalable revenue
BRANDS VIEWERS
Greater impact Enhanced,
in-content uninterrupted
experienceDynamic ad insertion: The ability to seamlessly integrate dynamic
product placement had been around for several years courtesy of
the likes of UK start up Mirriad. A digital platform with global
reach built around storytelling – i.e. Netflix - would give the
technology the use case it has been looking for to-date.
It would also provide both non-intrusive ad revenue for Netflix and
access to Netflix’s valuable paywalled subscriber base to brads.
Netflix Cumulative $Bn
$70.0
$60.0
Source: Statista 2019
$50.0
$40.0
$30.0
$20.0
$10.0
$0.0
2014 2015 2016 2017 2018
Content obligations RevenueFinancial results • Revenues x3.5 compared to H1 2018 • Steady progress in improving financials • Restructuring complete and fully accounted for • Results include only 3 months of new Tencent contract at Minimum Guarantee • Cash holding at the end of August was £22.8m
H1 2019 financial summary
Revenue: £429k +258% Cash consumption: £5,889k +2%
H1 19 429 H1 19 5,889
H1 18 120 H1 18 5,768
Operating loss: £7,179k +8% Net Assets: £8,531k -64%
H1 19 7,179 H1 19 8,531
H1 18 6,652 H1 18 23,388
Adjusted operating loss*: £6,418k -4% Cash & cash equivalents: £9,166k -59%
H1 19 6,418 H1 19 9,166
H1 18 6,652 H1 18 22,090
Loss for the period: £7,141k +9% Loss per share (p): (7)p +17%
H1 19 7,141 H1 19 7
H1 18 6,549 H1 18 6
* H1 19 Operating loss adjusted for one-off items and non-capitalisation of intangiblesEBITDA loss and cash bridge
EBITDA Bridge –H1 2019 (£m)
Income Tax Credit/Finance
Net Loss Amortisation and Depreciation Income Share Based Compensation Adjusted EBITDA Loss
(6.6)
Axis Title
(7.1) 0.2
(0.0)
0.4
Cash Bridge – H1 2019 (£m)
(5.9)
(0.1) (0.0)
15.2
9.2
Opening Cash as at 1st Jan-19 Net Cash from Operating Payment of lease liabilities Purchase of tangible assets Closing Cash as of 30th Jun 2019
activitiesSummary
Unique High market Clear
technology demand strategy,
strong teamTHANK YOU
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