Mirriad Advertising PLC on Tuesday announced a decline in revenue amid job cuts across the US media industry.
The London-based virtual product placement and in-content advertising platform said revenue fell about 45% to £1.0 million in 2024 from £1.8 million in 2023.
This was driven mostly by the US market, reflecting factors such as a further contraction of linear TV in the US, which the company said was the bedrock of its model until it has a programmatic solution in the market.
Mirriad said: ‘Job cuts across the US media industry, with nearly 15,000 positions eliminated across broadcast, television, film, news, and streaming during 2024, have directly impacted our ability to progress with partner companies and caused significant delays in our integration progress. On the buy-side, the allocation of budgets towards commerce- and retail-media continued, further constraining opportunities in our sector and negatively impacting our conversion ratios.’
More positively, the company’s key European markets have grown steadily with about 40% growth compared to 2023, which Mirriad said underlines the potential to drive success.
Chief Executive Officer Stephan Beringer said: ‘The progress we are making with advertisers and agencies with a focus on more strategic partnerships and budget allocations is encouraging and also a sign that the format is still in growing demand. Because we have not been able to activate agency deals as we expected, we are addressing the learnings together with our agency partners with the objective of successfully monetising in Q1 2025.’
Separately, Mirriad announced that it launched an integrated advertising solution that combines virtual and traditional product placement, in cooperation with BENlabs.
Mirriad CEO Beringer said: ‘This groundbreaking partnership leverages the trend of brands shifting their advertising strategies toward in-content to effectively stand out and better engage audiences. By merging BENlabs’ distinct expertise and capabilities with Mirriad’s leading in-content solutions, we are providing a seamless, all-in-one, integrated partner ecosystem and connected solution.’
Mirriad shares fell 3.4% to 0.15 pence each on Tuesday morning in London.
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