Mirriad Advertising Shares Double on Tencent Contract
28 Junho 2019 - 4:50AM
Dow Jones News
By Oliver Griffin
Shares in Mirriad Advertising PLC (MIRI.LN) more than doubled
Friday after the company said that it has reached a new two-year
agreement with Chinese video platform Tencent Holdings Ltd.
(0700.HK), boosting revenue immediately.
The company said it and Tencent have been working to develop new
technology that integrates Mirriad's in-video advertising
technology more closely with Tencent's video platforms.
As a result, Mirriad's platform is now significantly more
scalable than previous generations of the platform in China, the
company said.
Under the new contract, Tencent has exclusive rights to
Mirriad's technology and services in China. The Chinese company
will pay a fixed monthly license fee to Mirriad, which provide a
minimum volume of advertising and promotional work for use with
Tencent advertising clients.
Extra work will be charged incrementally, the company said.
The contract will immediately enhance Mirriad's 2019 revenue and
will generate "multiple millions of pounds" of revenue over the
two-year contract term.
Shares at 0715 GMT were up 6.75 pence at 12.25 pence.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
June 28, 2019 03:35 ET (07:35 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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