Mirriad Agrees New Commercial Terms With Tencent
On June 25, 2021, Mirriad Advertising plc announced a new commercial agreement with Tencent, China's largest online video streaming platform. This two-year extension of their partnership, retroactive to April 1, 2021, transitions to a revenue share model, removing previous volume and exclusivity clauses. The agreement aims to scale in-content advertising in China, leveraging Mirriad's patented technology. CEO Stephan Beringer expressed optimism about growth opportunities through audience-based buying, enhancing revenue channels for both companies.
- New two-year commercial agreement with Tencent enhances partnership.
- Transition to a revenue share model aligns with successful models in the US and Europe.
- Opportunity to scale in-content advertising in the growing Chinese market.
- None.
NEW YORK, June 25, 2021 /PRNewswire/ -- Mirriad Advertising plc (US OTCQX: MMDDF, UK LSE: MIRI) 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."
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
Ryan Mendy, US Investor Relations
Tel: +44 (0)207 884 2530
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SOURCE Mirriad Advertising plc
