Welcome to our dedicated page for Magnite news (Ticker: MGNI), a resource for investors and traders seeking the latest updates and insights on Magnite stock.
Magnite, Inc. (NASDAQ: MGNI) is the world’s largest independent sell-side advertising platform, renowned for assisting publishers in monetizing their content across various screens and formats. From connected TV (CTV), online video, display to audio, Magnite’s technology enables efficient and maximized ad revenue. The company’s platform is trusted by leading agencies and brands globally, facilitating billions of advertising transactions monthly, ensuring access to brand-safe, high-quality ad inventory.
Magnite, previously known as The Rubicon Project before merging with Telaria in 2020, has significantly enhanced its market presence by acquiring SpotX for $1.2 billion in 2021. This acquisition bolstered its CTV business, ensuring a strong foothold in an increasingly digital world. Financially, Magnite generates nearly 45% of its revenue from CTV ad inventory sales, 35% from mobile sites and apps, and the rest from computer-accessed websites.
Headquartered in bustling cities such as New York City, Los Angeles, Denver, London, and Sydney, Magnite has a global reach with offices across North America, EMEA, LATAM, and APAC. Recent projects include the integration of proprietary technology to streamline access to major audio and podcast publishers in the U.S., delivering enhanced monetization tools.
Moreover, Magnite’s Demand Manager provides optimized header bidding operations for clients like Tennis Australia, offering valuable insights, flexibility, and control. Their innovation extends to partnerships with platforms like Mediaocean’s Prisma, enabling seamless access to premium video inventory, further solidifying their industry-leading position.
Magnite continues to see growth, reporting strong financial outcomes even amid challenging ad spend environments. Their latest offerings, including the Magnite Streaming platform and ClearLine, underscore their commitment to delivering superior ad delivery solutions. The firm’s strategy focuses on expanding relationships with streaming partners, driving top-line growth, and ensuring long-term profitability.
The company remains dedicated to operational excellence, securing a significant market share in the programmatic advertising space by leveraging technological advancements and strategic acquisitions. With a strong foundation and clear future objectives, Magnite is poised to remain a pivotal player in the digital advertising ecosystem.
Fox Corporation has partnered with Magnite (MGNI) to enhance programmatic advertising for its OneFOX video inventory. This collaboration aims to optimize the buying process for advertisers across FOX's extensive portfolio, including sports, entertainment, and news. By leveraging Magnite’s technology, FOX seeks to provide advertisers with efficient access to streaming audiences, improving their return on investment. Both companies plan to develop customized tech solutions to streamline advertising campaigns, reinforcing FOX's strategy to innovate in the advertising space.
Magnite (Nasdaq: MGNI), the leading independent sell-side advertising platform, will report its financial results for Q3 2022 on November 9, 2022, following market closure. A conference call will take place at 1:30 PM PT / 4:30 PM ET to discuss the results and future outlook. Investors can join the call via toll-free number (844) 875-6911 domestically or (412) 902-6511 internationally. The call will also be available via a simultaneous audio webcast on the company's investor relations website.
OpenAP announced the programmatic interoperability of OpenID, enhancing audience-based campaigns in television. This development allows seamless integration with FreeWheel, Magnite, and Xandr's Monetize SSP, enabling holistic measurement across linear and digital advertising. Advertisers can now utilize OpenID for targeting and measurement across all premium TV platforms, streamlining campaign performance evaluation. GroupM will be the first agency to implement these capabilities, providing clients with unified insights via the XPm framework. This move aims to resolve fragmentation in the media ecosystem and improve cross-screen viewing effectiveness.
On September 21, 2022, Group Black announced a collaboration with Magnite (NASDAQ: MGNI), the largest independent sell-side advertising platform, to enhance programmatic offerings for Black-owned media. This partnership aims to bolster revenue streams for these brands and increase opportunities in the media landscape. Magnite's technology will provide minority-owned publishers access to previously unavailable measurement systems, supporting their advertising strategies across various digital formats. The collaboration reflects Group Black's mission to facilitate easier media purchasing for Black-owned entities.
Magnite (NASDAQ: MGNI) partners with Kroger to enhance Kroger Precision Marketing (KPM) through a focus on CTV and online video. The collaboration will utilize KPM's first-party data to optimize advertising inventory across formats, reaching 80 million CTV households in the U.S. This initiative aims to create a centralized access point for advertisers, addressing supply fragmentation and increasing scale for CPG brands. Kroger, serving 60 million households, integrates its loyalty program data to enhance media strategy and provide targeted advertising solutions.
Magnite (NASDAQ: MGNI) reported that its programmatic addressable advertising significantly boosted Travel Texas's campaign, achieving a 21-35% increase in incremental reach across key audience segments. A cross-platform analysis by InnovidXP found higher conversion efficiency for linear addressable compared to OTT. The partnership illustrates the effectiveness of merging traditional TV with programmatic digital strategies, allowing advertisers to target audiences more accurately. Magnite aims to lead in expanding addressable advertising capabilities across all TV consumption environments.
Magnite (Nasdaq: MGNI), the largest independent omnichannel sell-side advertising platform, announced the participation of its executive team in two upcoming financial conferences. The Evercore ISI 2nd Annual Technology Conference is scheduled for September 7, 2022, where management will present at 9:30 a.m. ET and hold in-person investor meetings. Following that, the Benchmark Consumer/Media/Entertainment Conference will take place on September 8, 2022, also featuring in-person investor meetings. A live webcast of the Evercore presentation will be accessible on Magnite's investor relations website.
Magnite (Nasdaq: MGNI) reported a strong Q2 2022, with total revenue of $137.8 million, up 20% year-over-year. Revenue ex-TAC rose to $123.3 million, a 23% increase, and CTV revenue reached $52.1 million, growing 52% year-over-year. However, the company incurred a net loss of $25.0 million, significantly down from $36.8 million net income in Q2 2021. Adjusted EBITDA increased 30% to $41.3 million, with an adjusted EBITDA margin of 34%. The outlook for Q3 2022 anticipates revenue ex-TAC between $122 million and $126 million.
SpringServe Integrates with Atmosphere for Enhanced DOOH Advertising
On July 27, 2022, SpringServe announced its strategic integration with Atmosphere, enhancing video-centric digital out-of-home (DOOH) advertising. This collaboration empowers Atmosphere to optimize programmatic DOOH campaigns by leveraging SpringServe's advanced ad serving technology. With features like frequency capping and competitive separation, Atmosphere aims to deliver superior ad experiences. The platform reaches over 35 million unique visitors monthly, and was recognized in Fast Company's Most Innovative Companies list.
Magnite's recent study, "Live and Kicking: An In-Depth Look at Live Streaming," reveals a significant increase in live streaming TV adoption among OTT and CTV viewers in Australia and New Zealand. The findings indicate that 82% of Australian OTT users engage in live streaming, with high receptivity to advertising, particularly among live sports watchers. Key insights show that live sports fans are more likely to recall ads and make purchases based on them, highlighting a substantial advertising opportunity for brands in these regions.
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