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.
Magnite (Nasdaq: MGNI) announced the opening of a new office in Stockholm and the appointment of Natasha Westlund as the Head of Nordics on April 4, 2023. This office will support operations in Sweden, Denmark, Norway, and Finland. Westlund brings over 20 years of experience from various leadership roles, including her tenure at Google and Spotify. Senior VP Julie Selman highlighted Westlund's expertise in omnichannel formats, which aligns with Magnite's strategic goals. This move is part of Magnite's investment in enhancing support for publishers and buyers in the Nordics.
Hyros has announced the appointment of Inman Breaux as CEO, effective March 2023. Breaux aims to enhance the company's go-to-market strategy amid the ongoing merger with Banzai International. The acquisition, valued at approximately $110 million, is expected to solidify Banzai's marketing technology platform by integrating Hyros' multi-channel attribution services. Hyros focuses on improving privacy-safe attribution for digital marketers, crucial amid new regulations. Alex Becker, the former CEO, transitions to Chief Revenue Officer, emphasizing product development.
Magnite (NASDAQ: MGNI) released a study on March 21, 2023, revealing that streaming TV is now the most-watched TV format in the UK, France, Germany, Spain, and Italy. The study highlights that 82% of viewers engage with ad-supported content, with 48% of respondents considering downgrading or canceling subscriptions due to economic factors. Interestingly, ad-supported viewers consume as much content as their ad-free counterparts (16 hours/week). The findings suggest that ads enhance brand recall and purchasing intent, with 75% of ad-supported streamers more likely to purchase from brands they've seen across devices.
QYOU Media India has partnered with SpringServe as its primary ad server for the Q PLAY app, enhancing its ability to connect advertisers with viewers. This collaboration aims to improve inventory management and optimize ad experiences, responding to the rising competition in the streaming landscape. With the growing presence of QYOU Media India on Connected TV, featuring channels like The Q and Q Marathi, the partnership will leverage SpringServe’s advanced features for better ad efficiency. This development aligns with the company's strategy to scale and provide a premium entertainment experience in India.
SpringServe, part of Magnite (NASDAQ:MGNI), has joined the Amazon Publisher Services (APS) Ad Server Certification Program for streaming TV. This certification will enable publishers to utilize simplified APS header bidding integration, enhancing programmatic monetization across streaming TV platforms. It promises to improve viewer experiences by reducing latency and preventing repeat ads. With this certification, advertisers can gain increased access to streaming TV inventory while applying Amazon's audience and contextual signals. SpringServe is recognized for its comprehensive ad serving solutions tailored for OTT and video advertising, serving major clients like FuboTV and VIZIO.
Magnite Appoints New CTO David Buonasera
Magnite (NASDAQ: MGNI) has announced the appointment of David Buonasera as its new Chief Technology Officer, effective February 28, 2023. Buonasera, who co-founded SpringServe, joined Magnite in 2021 during its acquisition of the video ad platform. Previously leading engineering for CTV, he will now oversee the global technology organization. President and CEO Michael Barrett praised Buonasera's leadership and vision, highlighting his past successes. Buonasera expressed excitement about leading Magnite's tech initiatives, emphasizing the potential for innovation and value through the company's strong technology stack.
Magnite (NASDAQ: MGNI) announced a strategic partnership with Polk Automotive Solutions from S&P Global Mobility to enhance advertising effectiveness in the automotive sector. This collaboration will provide advertisers with detailed insights into auto purchase intent and consumer loyalty, allowing for more precise targeting on connected TV (CTV) and over-the-top (OTT) platforms. As streaming TV becomes increasingly popular, with 81% of US consumers now watching it, automotive marketers are shifting their advertising budgets accordingly. The integration aims to combine Polk's automotive data with Magnite's extensive streaming inventory for improved campaign planning and measurement.
Magnite (NASDAQ: MGNI) reported a 9% increase in total revenue for Q4 2022, amounting to $175.4 million, driven by a 20% growth in revenue from Connected TV (CTV) to $64.6 million. Despite these gains, the company posted a net loss of $36.4 million for the quarter, equating to a loss per share of $0.27, contrasting with a breakeven performance in Q4 2021. Adjusted EBITDA stood at $64.2 million, reflecting a 41% margin, down from 48% year-over-year. Looking ahead, revenue ex-TAC for Q1 2023 is projected between $109 million and $113 million, with full-year growth expected.
SpringServe, part of Magnite (Nasdaq: MGNI), announced on February 16, 2023, that Rakuten Advertising will integrate the SpringServe Tiles solution into Rakuten TV. This collaboration aims to enhance ad-supported campaigns on Rakuten TV, which is a leading video-on-demand platform in Europe, combining TVOD, SVOD, and AVOD services. The integration will help brands achieve a balance between personalization and monetization while maintaining user experience. SpringServe Tiles technology allows advertisers to reach engaged audiences effectively through innovative content, optimizing ad serving efficiency and analytics in connected TV environments.
Magnite (Nasdaq: MGNI) has announced that Trusted Media Brands (TMB) has selected Magnite’s Demand Manager as its pre-bid wrapper solution. TMB, known for brands like FailArmy and Reader's Digest, reaches over 200 million consumers globally. The relationship has been solid, with TMB noticing a 7.8% increase in revenue per thousand impressions (rCPMs) after implementing an A/B test through Magnite. TMB's ad server of record for OTT content will be SpringServe, now part of Magnite, enhancing their programmatic strategy. Magnite's expertise across various screens and formats supports TMB's expanding content offerings.
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