Mirriad agrees new commercial terms with Tencent
25 June 2021
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations
MIRRIAD AGREES NEW commercial TERMS with TENCENT
Mirriad Advertising plc
("Mirriad" or the "Company")
Mirriad, the leading in-content advertising company, today announces that it has reached a new commercial agreement with Tencent.
Tencent is China's biggest online video streaming platform by subscriptions and, after two years of successful collaboration with Mirriad, this agreement renews the maturing relationship for a further two years, and is backdated to commence from 1st April 2021.
During the previous contract term, Tencent introduced Mirriad's proprietary in-content advertising solution to its advertisers, offering innovative video advertising services in China.
Tencent and Mirriad will now work together to further scale in-content advertising in the fast-growing Chinese market. This enhanced agreement enables a move to a revenue share model for both parties, removing the previous minimum volume and exclusivity clauses, to align with the commercial terms Mirriad has in place with other large partners in US and European markets.
The revenue share agreed in this deal will be consistent with those in other Mirriad standard commercial contracts previously disclosed to the market.
A notable further part of the agreement is a commitment from both parties to develop a sales model based on audience reach delivered to advertisers in the Chinese market, allowing Tencent to widen the range of content it can monetise using Mirriad's patent protected and award-winning in-content advertising technology.
Stephan Beringer, CEO of Mirriad , said: "This new agreement underlines how much we achieved in our first contract term with Tencent and I'm excited about how we can continue to create new routes to grow revenue together. This includes audience based-buying and delivery, which allows us to scale across more of Tencent's content and it takes us further towards our ultimate goal of programmatic advertising.
"In a rapidly evolving advertising territory, we've introduced a record number of brands, including the biggest names in key categories and, most importantly of all, demonstrated how integrating with the Tencent advertising stack can be a blueprint for mass adoption in other markets."
ENDS
About Mirriad
Mirriad's market-first solution seamlessly integrates with existing subscription and advertising models, improving the viewer experience by limiting commercial interruptions whilst delivering dramatically increased reach and impact for advertisers.
Mirriad currently operates in the US, Europe and China.
Enquiries:
For further information please visit www.mirriad.com or contact:
Mirriad Advertising plc
Stephan Beringer, Chief Executive Officer
David Dorans, Chief Financial Officer
Tel: +44 (0)207 884 2530
Nominated Adviser & Broker:
Canaccord Genuity Limited
Simon Bridges
Richard Andrews
Thomas Diehl
Tel: +44 (0)20 7523 8000
Financial Communications:
Charlotte Street Partners
Tom Gillingham Tel: +44 (0) 7741 659021
Andrew Wilson Tel: +44 (0) 7810 636995
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