Mirriad Advertising confident after year of market challenges
By Josh White
Date: Tuesday 07 Jan 2025
(Sharecast News) - In-content advertising specialist Mirriad Advertising reported revenue of slightly over £1m for the year ended 31 December on Tuesday, down around 45% from the £1.8m it recorded in 2023.
The AIM-traded firm said the decline was driven by challenges in the US market, which accounted for two-thirds of the company's revenue.
It said structural issues, including the ongoing decline of linear television, widespread job cuts in the media industry, and budget shifts towards retail media, constrained opportunities in the sector.
Additionally, uncertainty during the US election further impacted advertiser spending, particularly in diverse media initiatives.
In contrast, Mirriad's operations in key European markets saw growth of about 40% year-on-year, driven by strong partnerships and market engagement.
Despite the revenue decline, Mirriad said it made strategic progress in 2024, having introduced a pixel-based measurement solution, enhancing return on investment transparency for advertisers, and advancing testing of its upcoming programmatic solution in collaboration with leading adtech partners.
The board said those innovations were expected to streamline in-content advertising and unlock scalable revenue opportunities.
Mirriad also expanded its partnerships, initiating discussions with two additional major content providers and increasing content availability from existing partners.
That, the board said, was expected to enable larger-scale campaigns in 2025.
Additionally, the company's partnership with branded entertainment specialist BENlabs aimed to integrate influencer content and drive new opportunities across both content supply and advertiser engagement.
Cost-saving initiatives resulted in a reduced monthly cash burn of about £0.75m in the fourth quarter of 2024, with the annual cost base for 2025 projected at £8m.
Cash reserves at year-end stood at just under £4.8m.
"2024 presented significant challenges for the broader media industry and for Mirriad," said chief executive officer Stephan Beringer.
"Mid-year, we took decisive action to address challenges in the US that we couldn't directly control, including the management change at our SSP partner, delays in inventory buildup due to prolonged content clearance, and shifting advertiser budgets toward performance media.
"We sought to mitigate these challenges by adapting our strategies and made strong progress in most areas we addressed, particularly in rapidly establishing a partner network to reboot the integration of our programmatic solution, positioning us to deliver a scalable approach to in-content advertising."
Beringer said that moving into 2025, he was "confident" in the company's ability to capitalise on its "significant foundations" across content and adtech partners, advertisers, and agencies.
"Coupled with evolving market dynamics, these strengths position us well to drive long-term growth, though the company is fully focused on the urgent need to achieve revenue early in the year.
"We look forward to updating shareholders on our continued progress in due course."
At 1238 GMT, shares in Mirriad Advertising were down 16.13% at 0.13p.
Reporting by Josh White for Sharecast.com.
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