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CONFIDENTIAL
LEADING A NEW PARADIGM
IN MARKETINGMAY 2019
CONFIDENTIAL
1. 2018 results
2. Mirriad: a unique technology and position
3. The opportunity for the business
4. 2017 / 2018 missteps
5. The path to success
AGENDA
CONFIDENTIAL
1. RESULTS YEAR ENDED 31 DECEMBER 2018
INCOME STATEMENT AND BALANCE SHEET
15.2
0.2 1.0 0.4 0.2 0.3 1.6
26.4
1.6 1.1 0.4 0.2 0.2 2.1
Cash and cashequivalents
Intagible assets Trade and otherreceivables
Property, plantand equipment
Trade and otherreceivables
Tax receivables Trade and otherpayables
Balance Sheet (£m)
0.4 0.1 0.2
14.9
(14.4)
0.9 0.2 0.1
12.1
(11.3)
Revenue Cost of Sales Other OperatingIncome
Administrative expenses Operating Loss
Income Statement (£m)
20182017
EBITDA LOSS AND CASH BRIDGE
15.21.9
(12.0)(0.2) (0.9) (0.1)26.4
Opening Cash asat 1st Jan-18
Net Cash fromOperatingactivities
Investment insubsidiaries
Capitalisation ofdevelopment
costs
Purchase oftangible assets
Proceed fromissue of ordinaryshare capital (netof costs of issue)
Closing Cash asof 31st Dec-18
Cash Bridge - FY2018 (£m)
(11.8)
2.5
0.2(0.1)(14.3)
Net LossAmortisation and
DepreciationIncome Tax
Credit/Finance IncomeShare Based
Compensation Adjusted EBITDA Loss
EBITDA Bridge -FY2018 (£m)
REVENUE BY SEGMENT
£198,863
£109,541
£74,083
£18,593
£14,806
China
USA
Brazil
EMEA
India
2018 Revenue by Region
Group revenue decreased year on year mainly driven by H1 performance
RESULTS HIGHLIGHTS
416
874
711
344
18
17
16
15
Revenue (£000)£416K -52%
15,577
27,892
12,172
7,764
18
17
16
15
Net assets (£000)£15,577K -44%
(14)
(19)
(18)
(21)
EPS (p)(14)p -26%
13,106
9,032
6,866
4,421
18
17
16
15
Cash consumption (£000)£13,106K +45%
18
17
16
15
We monitor the Group against a range of KPIs
CONFIDENTIAL
2. MIRRIAD’S UNIQUE TECHNOLOGY
AND POSITION
CONFIDENTIAL
Multi-award winning computer vision and AI-powered platformMIRRIAD: A TRANSFORMATIVE TECHNOLOGY
Sci-Tech Academy Award in 2013 Next Generation Advertising Award 2018
Best Video Marketing and Advertising Platform 2018TV & Advertising Innovation Award 2019
Protected by 29 Patents and Patents pending in the US, Europe and Asia.
CONFIDENTIAL
• Only solution that offers a true in-video format
o Across linear AND digital platforms
o Using patented planar/3D tracking and AI for absolutely realistic in-content experience
• Can process any produced TV/video content
• Fully aligns the interests of viewers, advertisers and programme industry
Video embed
Video overlay
Dig
ital
Line
ar
Mirriad
Ben Ryff
TripleliftGUMGUM
Moviebook
Post productionPre production
Landscape
MIRRIAD: TRUE IN-VIDEO ACROSS PLATFORMS
CONFIDENTIAL
VideoInfluencer
AR/VR,Commerce
Linear TV
MIRRIAD: UNIQUELY PLACED FOR TV, VIDEO AND BEYOND
True nativein-video / TV
solution
Offer scale, accuracy and efficacy of programmatic:
brand safe
Extend reach into areas hardly
accessible for advertising
Expand into new experiential
formatsand commerce
User Generated
OTT
CONFIDENTIAL
3. THE OPPORTUNITY
CONFIDENTIAL
MARKET GROWTH AND DYNAMICS IN FAVOUR OF MIRRIAD’S OFFER
78,000
80,000
82,000
84,000
86,000
88,000
90,000
2017 2018F 2019F 2020F 2021F
TV and Online Video Market in $ Millions
USA
05,000
10,00015,00020,00025,000
2017 2018F 2019F 2020F 2021F
TV and Online Video Market in $ Millions
China EMEA (DE, FR, UK)
• US, EMEA top 3 (FR, DE, UK) are most significant addressable markets with 7.6% (US) and 21% (EMEA) growth forecasts from 2017 to 2021 in the US, 21.2% for EMEA and China flat
• Growing issues (data, transparency, brand safety) with video
• Rise of ad-free subscription platforms’ adding to issues of advertisers (audience reach) and broadcasters (ad revenue)
• Cost for content forces streaming services (from BritBox to Netflix) to add revenue on top of subscription
• Audiences generally increasingly difficult to engage
Mirriad offers a new way for the industry to reach audiences,
grow revenue and increase effectiveness
CONFIDENTIAL
88% 89% 91% 92%100% 95% 93% 97%
72% 74%
US India China
THE ALL DECISIVE FACTOR:VIEWERS PREFER OUR FORMAT
Source: Kantar Millward Brown // Maiozhen
Creative likeability Was innovative Made the program look more realistic
Naturally fit into the
program/show
CONFIDENTIAL
Up to
AWARENESS+26PPT
Up to
CONSIDERATION+20PPT
CREATIVE LIKEABILITY88%
Captures people’s minds and hearts
VIEWER PREFERENCE IS THE KEY TO UNPRECEDENTED/NEW LEVELS OF IMPACT
Note: Uplifts between control vs. exposed/test groups | Sources: Awareness 8 brands (MEC UK, Ipsos US), Consideration 3 brands (Miaozhen China, Ipsos US, Sky UK)Source: Kantar Millward Brown Nov18 / US Telecommunications brand / 21 Units
CONFIDENTIAL
68% 79% 75%78% 91% 87%
TV Ad Awareness Brand Favorability Consideration
Overall Audience: Brand Metrics
TV spot exposure TV Spot + Mirriad exposure
+12
T-Mobile branding in episodes of La Piloto led to double-digit increases for several metrics AS PROVEN BY LATEST RESEARCH
+12+10
CONFIDENTIAL
Mirriad is the gateway to a new paradigm of engagementENGAGEMENT DISRUPTION IN MARKETING
ALWAYS ON
NAT
IVE
PERSON
AL
DIRECT
Search
Social
Commerce
Entertainment
PEOPLE BRANDS
Connectedness
CONFIDENTIAL
CREATING AND MONETISING NEW INVENTORY IN CONTENTMIRRIAD brings massive growth opportunities to broadcasters/digital publishers
and then directly benefits from it
Shares revenue
Charges for the inventory in
seconds
BROADCASTERS /DIGITAL PUBLISHERS
BRANDS
InventoryPlatform
(Powered by Mirriad)
SCENARIO EXAMPLES
TV One Channel Digital One Show Format
0.7% AirtimeAverage Impressions (thousands) 4,000
£500/sec CPM $25
£85m (gross) Revenue per episode $316K
CONFIDENTIAL
4. MISSTEPS 2017/2018
CONFIDENTIAL
KEY ISSUES THAT PREVENTED PROGRESS
FLAWED GO-TO-MARKETMedia agencies are gate
keepers of budget but had not been addressed and engaged
with.
FOCUSService emphasized over
tech, platform not integrated enough for scale.
RESOURCESSpread over too many markets,
failed to address sustainable and recurring revenue opportunities.
STRATEGYNot clear.
No consistency.
CONFIDENTIAL
5. THE PATH TO SUCCESS
CONFIDENTIAL
Focus on core markets
New go-to-market strategy, accelerate sales
Build for scale
1
2
3
PRIORITIES TO DRIVE THE RESET
CONFIDENTIAL
We are allocating resources to activities and geographies that push most value, growth and scale
• US• UK • France• Germany • China
FOCUS ON CORE MARKETS
Source: Advertising Expenditure Forecasts December 2018 Zenith Optimedia
61
185
280
385
623
0
100
200
300
400
500
600
700
China France Germany UK USA
Advertising spending per capita in 2018
US
$
The US, China and EMEA top 3 (FR, DE, UK) are the most significant addressable markets
CONFIDENTIAL
8 10
214
24
1
2
15
0
10
20
30
40
50
60
Q3 2018 Q4 2018 Q1 2019
Inventory & Content Partners
Agency Groups
Client Direct
UPDATE NEW GO-TO-MARKET
ENGAGEMENT TRACKER (US, UK, F, GER, CN)
BROADCASTERS /DIGITAL PUBLISHERS
AGENCIES
BRANDS
CONFIDENTIAL
Planning & Pre-sales
• Content General Analysis • Opportunity Categorisation & Targeting • Volume Forecasting• Self-service UI
Production
• Scene Selection & Approval• Production Automation and Workflow Efficiency
Updates • Standardised Ad Unit Product
Post-campaign
Ad System Integration
• Billing Metrics • Campaign Reporting & Measurement
• API integrations to planning and booking systems • API integrations to serving / decisioning systems • API programmatic integrations
BUILD FOR SCALE
FIRST IN-VIDEO DYNAMIC SOLUTION
MediaPlanner
Media Buyer
VideoCMS
Analyze
Available Inventory
Embed
View inventory Load brand creative Place buy order
Order/inventory APIs
Content file transfers(via Aspera)
Content file transfers (via Aspera)
Embed package
Branded segments PartnerMirriad
InventoryPlatform
(Powered by Mirriad)