Brave Bison reflects on a busy 2019 with major platforms
(AIM:BBSN ) said this morning in its AGM statement that it had seen a busy 2019 and positive momentum in recent months despite challenges posed to the group as a result of the coronavirus pandemic.
The social video group highlighted the strong relationships it has built over the last year with “all of the major platforms” including Facebook, Snap, YouTube, and more recently TikTok.
“By aligning ourselves with these platforms we believe we are well positioned to benefit from the growth in digital advertising spend and proliferation of digital media,” said Oliver Green, Executive Chairman of Brave Bison.
The group’s recent £0.15m acquisition of The Hook, a premium youth entertainment channel, has given it a presence on next-generation platforms, such as TikTok and Instagram, it outlined this morning.
Green said The Hook will form “an integral part” of the group’s social-first publishing strategy and said “we are confident that the acquisition price represents good value for shareholders.”
Shares in Brave Bison Group were trading 3.57% higher at 1.45p on Wednesday morning.
Meanwhile, the group’s network of managed YouTube channels saw revenues grow by over 60% in 2019.
Green said the group had seen a reduction in advertising across all social platforms during the pandemic but said that it was “fully prepared to take advantage of a bounce back in marketing spend as lockdowns are lifted across the world.”
Similarly, the Japan and Asia-Pacific region has “softened” since the beginning of the year due to COVID-19, Green said, but added that the group continues to work with new and existing clients within the branded content and influencer marketing space.
Green said the company continues to review its overheads in line with performance, and has made significant reductions to discretionary spending, lease and staff costs where necessary.
“Our team is now leaner, but nimbler, and we are well placed for recovery in the second half of this year and in the run up to the Olympics,” Green commented.
He added that the Board had also “evolved significantly” since the year end with the additions of Matt Law and Philippa Norridge and that the group expects to bolster its Board with a further non-executive director in the near future.
The group said it expects to report further progress in its half year results this summer.
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