Mirriad Advertising PLC on Wednesday said year-to-date progress in signing new contracts has been slow, with a number of ‘significant’ existing pacts being cancelled.
The London-based virtual product placement and in-content advertising platform’s revenue forecast for 2024 now stands between £1 million and £2 million, compared to £1.8 million of revenue reported for 2023.
Shares in Mirriad Advertising were down 39% at 0.17 pence each in London on Wednesday afternoon.
Mirriad said reaching the upper end of its forecast range was dependent on the outcome of the company’s ongoing ‘substantive discussions’ with unnamed ‘large global agency groups’ to provide virtual product placement content clusters based around seasonal events.
In its interim results at the end of September, the group said it had been unsuccessful in its US negotiations for upfront contracts, and that it was therefore reliant on its traditional routes to market.
‘Progress in those markets since then has been slower than expected, with advertiser demand in the US affected by election uncertainty, further decreasing demand for advertising in linear TV, and continuous emphasis on performance and retail media solutions,’ Mirriad explained.
The group also said that any successful launch of a programmatic advertising deal is not likely to generate significant revenue before the end of 2024.
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