Mirriad Advertising partners with Magnite to sell ad inventory
Mirriad Advertising (MIRI) is to collaborate with Magnite, Inc., the world's largest independent sell-side advertising platform, to bring scale and automation to the in-content advertising format via programmatic ad campaigns across multiple platforms, channels and markets.
The in-content ad company, which describes this latest partnership as “a pivotal milestone”, says the integration will bring scale and automation to the in-content advertising format.
Under the terms of the contract, Mirriad will make ad inventory available for sale via the Magnite platform, which facilitates the programmatic sale of in-content advertising.
Publishers across the world use NASDAQ-listed Magnite technology to monetize their content across all screens and formats including CTV, online video, display, and audio. The Company has a global footprint with offices across North America, EMEA, LATAM, as well as APAC.
The contract is significant in that it will introduce Mirriad’s offering into the digital media ecosystem. Mirriad says the deal thus represents a true milestone on its path to scale.
Commenting on the partnership, Stephan Beringer, CEO of Mirriad, stated: "Our collaboration with Magnite is a momentous step forward in terms of our ability to activate in-content inventory programmatically. By scaling across platforms we can drive more valuable ad inventory, from a broader range of video content, to advertisers and their agencies.”
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In recent weeks, Mirriad told investors that it saw group revenues in North America - the world’s largest market for advertising - grow significantly by 182% to £0.884m in FY21.
As Mirriad continued to execute its growth strategy over the period, operating losses widened as a result to £12m from £9.1m in FY20, while cash consumption rose to £10.6m. The in-content advertising firm broadly maintained year-on-year revenue at £2.0m in FY21.
On the operational side, Mirriad saw a significant increase in its overall supply partners, and the company now has access to content from 46 content partners globally, it reported today. The number of advertisers placing campaigns also more than doubled to 45 during the year.
Stephan Beringer, CEO of Mirriad, hailed the “growing momentum” in Mirriad’s key North American market since the second half of 2021, stating that this is underlined by the new partnership in Canada and the “subsequent activation” around the Super Bowl in the US.
Data in 2022 provided by the marketing research firm, Nielsen, has stated that Mirriad’s US campaign revenues were up by over 800% in the 2021 holiday season compared to 2020.
In particular, the company’s in-content campaigns across leading channels, Hallmark and Lifetime, for large advertisers in the finance, cosmetics and food and beverage industries, respectively, delivered ‘outstanding results’ as evidenced from data provided by Nielsen.
In terms of outlook, Mirriad said trading in the current year to December 2022 remains in line with current market expectations, with good momentum continuing, particularly in the US.
The company’s core objective is to accelerate the integration of its product in the linear and programmatic media ecosystem while establishing a new standard in the advertising industry.
A recent whitepaper published by the company highlighted the effectiveness of in-content advertising in spurring improved audience engagement and business growth for brands.
It seems consumers’ viewing habits are continuing to shift within the TV ad space. In the US, linear (traditional TV ad-break ads) impressions for the 18-49 age group declined by 49% in just five years and are forecasted to decline an additional 22% over the next two years.
In response to the findings, CEO, Beringer said the clear gains in reach and impact that Mirriad can deliver “are hugely significant at a time of change in the advertising industry.”
In fact, across all measured Mirriad campaigns, the company found that average consumption rose 16 percentage points (ppt), ad awareness increased by 27ppt, and spend rose by 15 ppt.
Notably, the results demonstrate that in-content advertising can not only be a very effective way to reach and engage consumers, but that it can also prompt consumer purchases too.
Beringer believes this is only the beginning - he states that with the rise of connected TV and streaming services, investors can expect to see further digital growth across new platforms.
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