SEEEN PLC Contract Wins and 3Q Trading Update (3009U)
December 02 2021 - 01:00AM
UK Regulatory
TIDMSEEN
RNS Number : 3009U
SEEEN PLC
02 December 2021
SEEEN plc
("SEEEN" or the "Company")
Customer Wins and 3Q Trading Update
SEEEN plc (AIM: SEEEN), the global media and technology platform
offering proprietary AI products that harvest Key Video Moments
efficiently for brands, creators and publishers is pleased to
announce recent customer wins for its technology products and a
trading update for the 9 months to 30 September 2021 ("Q3").
Key Video Moments enable SEEEN's customers to achieve higher
revenue yield from digital marketing spend and to gain e-commerce
opportunities as audiences focus on the relevant "moment" to make
purchase decisions. Today's wins build upon the Group's 3Q trading
results and provide momentum for finishing 2021 in strong
fashion.
The Group's multichannel video network business unit ("MCN")
also continues to drive revenue as a standalone business. Moreover,
it has proved to be a valuable test-bed for the Group's technology
products. As identified below, the Group's MCN is showing greater
revenue yield from its audience views due to stronger
engagement.
B2B Wins
Major Publisher The Company is pleased to announce that it has
recently signed a commercial agreement with a major global
publisher. The publisher attracts consumer audiences interested in
current events. The publisher will use SEEEN's video technology and
expertise to optimise its video collection to increase viewership
and generate improved YouTube ad revenue from more relevant Key
Video Moments and higher audience engagement. SEEEN's AI technology
will automate the production of relevant moments from the
publisher's library. Using the Group's Jetstream offering, the
publisher will also be able to remix Key Video Moments to create
new videos and video streams leading to enhanced engagement and
advertising revenues, including for YouTube shorts.
This win builds on SEEEN's strategy to sell to publishers. As
recently announced, the Group gained a financial markets publisher
as a customer, which seeks to feed its audience more relevant Key
Video Moments regarding select stocks or analyst comments to drive
increased subscriptions to its offering.
The Company continues its discussions with several other
publishers, including legacy print and web publishers, as well as
live streaming providers.
Major Sports Channels for MCN SEEEN has also recently signed its
first professional sports club to add content and viewers to its
MCN which is already known for sports and automotive content. The
Group will be able to use its technology, especially CreatorSuite,
to momentize the team's videos and drive audience engagement.
Similar to its pilot at the Rugby World Cup, the Group's technology
can be used to drive e-commerce and merchandising
opportunities.
Q3 Highlights
Financial
-- Group revenues of $7.0m, up 8% (Q3 2020: $6.5m)
o MCN revenues of $6.9m, up 7% (Q3 2020: $6.5m)
o First technology revenues of $0.1m related to CreatorSuite
-- MCN revenue growth reflects significantly increased RPM
(revenue per thousand views), up 40% to $1.20 (Q3 2020: $0.87),
despite viewing drop of 24% to 10.1bn (Q3 2020: 13.3bn), reflecting
higher quality YouTube channel partners and more engaged
viewers
-- Adjusted profit before tax* continues to be in line with market expectations
-- Strong balance sheet with $3.0 million of net cash, which
enables the Company to continue executing its "Go to Market"
strategy
* Adjusted for amortisation of intangible assets and share based
payments.
Outlook for 2021-22
-- Technology Product Business Unit
o Implementations of CreatorSuite and JetStream for B2B customer
wins during 2021 will drive increased revenues
-- MCN Business Unit
o Continuing FY21 MCN focus on profitability culling out low
quality creator channels
o Focus on adding new higher quality YouTube channel partners
both for YouTube optimisation and integration with SEEEN
technology
-- Accelerate growth strategy
o Add further shareholder value through opportunistic, accretive
acquisitions of digital content, analytics and advertising
companies
Dr Patrick DeSouza, Chairman, commented: "We are delighted to
gain additional traction with B2B sales for our AI offerings.
Recent wins with large publishers and a professional sports team
enable us to add referenceable customers in order to accelerate
further wins from our sales pipeline. We appreciate the support of
our shareholders as we execute our "Go to Market" strategy. We look
to growing our video technology platform organically through
deploying our AI product offerings through our MCN and to
publishers and brands. We also look to be opportunistic to add
shareholder value through accretive acquisitions since global
consumer demand for the consumption of Key Video Moments is showing
a significant increase."
Market abuse regulation
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/201 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018
("MAR").
SEEEN
Patrick DeSouza, Chairman Tel: +1 203 654 5426
Todd Carter, CEO
Adrian Hargrave, CFO Tel: +44 (0)7775
701 838
Panmure Gordon Tel: +44 (0)20 7886
(Financial Adviser, Nominated Adviser & 2500
Joint Broker )
Alina Vaskina / Harriette Johnson (Corporate
Advisory)
Rupert Dearden (Corporate Broking)
Dowgate Capital (Joint Broker) Tel: +44 (0)20 3903
7721
Stephen Norcross
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