EAI Entertainment Ai Plc

TIDMSEEN

RNS Number : 7513E

SEEEN PLC

10 November 2020

SEEEN plc

("SEEEN", "Group" or the "Company")

Q3 Trading Update

SEEEN plc (SEEN: AIM), the global media and technology digital experience platform ("DXP") that enables brands and consumers to unleash video for improved digital marketing yield and frictionless e-commerce, is pleased to announce its third quarter update and to provide guidance through year-end as technology sales are anticipated to begin supplementing growth from the Group's multichannel network ("MCN").

Revenue, audience views and advertising yield from videos rebounded strongly in 3Q after significant 2Q Covid-19 disruption, enabling improvement in Year to Date growth path.

Revenues and Adjusted Loss Before Tax In-Line with full-year market expectations.

Technology product sales anticipated during 4Q leading to both Brand licensing and accelerated MCN growth after technology is applied to creators.

Financial Highlights

   --      3Q Revenue up 23% at $2.7m (3Q 2019: $2.2m) 

o YTD revenue down 9% at $6.4 million (YTD 2019: $7.0 million) improving from 1H YTD revenue which was down 22%

   --      3Q Audience views up 77% at 4.9 billion (3Q 2019: 2.7 billion) 

o YTD views up 44% improving from 1H YTD views which were up 30% at 1H

-- 3Q Yield from Views (RPM (revenue per thousand views)) down 31% in 3Q at $1.00 (3Q 2019: $1.45)

o YTD RPM of $0.87 improving from 1H YTD RPM which was $0.78

   --      Adjusted loss before tax in line with expectations 

-- Balance sheet strong with approximately $6.0 million of cash at 31 October 2020, which enables the Company to meet its growth plan objectives in 2021

Product Highlights

-- Pilots in place with brands and MCN creator launch partners leading to anticipated commercialization in the second half of 4Q

-- Automation of Multiexperience Publishing for brands, including Microsites and Syndication Widgets, enables SEEEN to establish a Software as a Service model for the Group's DXP platform leading to recurring subscription revenue

-- Multiexperience Publishing and Microsites embody patent-backed proprietary AI applications - CreatorSuite and Jetstream

   --    Very strong 3Q data from pilots that validates the value proposition for customers: 

o Increases view time by up to 3x on websites

o Improves reach by over 30%

o Significant improvements in both website and keyword ranking for Google search

o Reduces bounce rates to below 20%

o Improves clickthrough rates by up to 10x, driving contextual e-commerce and other revenue streams for video asset owners

Todd Carter, CEO of SEEEN, stated, "We are pleased that financial results from our MCN business have rebounded strongly during 3Q ahead of our commercial rollout of our AI-powered products. Our technology offerings will not only improve digital marketing yield for our MCN, but also open up opportunities for supplementary e-commerce revenue. Moreover, through our SaaS-delivered, Multiexperience Publishing, Microsite and Syndication Widgets offering, we look to layer-in recurring income from brands and creators. We look forward to finishing 4Q strongly and wiping out the disruptive results from the initial shock of the pandemic during 1H. Importantly, we are on track to commercialize our technology products and "unleash" not only video but shareholder value."

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014

 
 SEEEN plc - seeen.com 
 Patrick DeSouza, Chairman               Tel: +1 203 654 
  Todd Carter, CEO                                  5426 
  Adrian Hargrave, CFO 
                                         +44 (0)7775 701 
                                                     838 
 
 Dowgate Capital Ltd (Joint Broker)       Tel: 07920 599 
                                                     793 
 Stephen Norcross 
 
 WH Ireland (Joint Broker and              Tel: 020 7220 
  Nomad)                                            1666 
  Adrian Hadden / James Sinclair-Ford 
  / Matthew Chan 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

TSTDBBDBGDGDGGC

(END) Dow Jones Newswires

November 10, 2020 02:00 ET (07:00 GMT)

Entertainment Ai (LSE:EAI)
Historical Stock Chart
From Mar 2024 to Apr 2024

Entertainment Ai (LSE:EAI)
Historical Stock Chart
From Apr 2023 to Apr 2024