TIDMSEEN
RNS Number : 8963E
SEEEN PLC
16 March 2022
SEEEN plc
Director Changes, Business Update
SEEEN plc (AIM: SEEEN) ("SEEEN" or "Company"), the video
optimisation platform company offering proprietary technology
products and services to help creators, brands and publishers drive
value from their video assets, is pleased to announce a
repositioning of roles for executive members of SEEEN's Board and
other proposed appointments to build on the Company's momentum with
respect to customer wins and its recent strategic partnership with
Kinetiq, Inc.
Director Changes
With SEEEN's technology offerings gaining commercial traction,
the objective of today's changes is to use more experienced
leadership to accelerate the delivery of customer wins and
profitability.
As stated in the Group's recently released 2021 Trading Update,
during 2022 the Group intends to scale its marketing and sales
efforts and build strategic partnerships through joint ventures and
M&A. As explained below, the Board believes that today's
changes will deliver those goals.
-- Akiko Mikumo and David Anton appointed interim co-CEOs of the
Company with immediate effect. Each has complementary execution
experience for delivering on SEEEN's growth plan
o Ms. Mikumo, previously Executive Vice-Chair, is expanding her
role. Ms. Mikumo has significant global mergers and acquisition and
corporate finance experience as a senior partner at a leading
global law firm. She will be responsible for operating execution
and the Group's strategic partnership with Kinetiq, Inc.
o Mr. Anton, previously a non-executive director, has
significant sales experience in the media space with major brands
as CEO of Anton & Partners. He will be responsible for
delivering on the Company's sales pipeline and initiating senior
level relationships in the media industry
-- Kevin Kohn, CEO of Kinetiq, Inc. with which SEEEN announced a
strategic partnership on 23 February 2022, is appointed with
immediate effect as a board observer
o The appointment is synergistic with both the leadership of Ms.
Mikumo (building strategic partnerships including with Kinetiq) and
that of Mr. Anton (sales)
o Mr. Kohn has more than 25 years of sales, marketing and
business development experience in software, online and data
technologies; leading 500%+ growth outcomes in multiple prior
companies
-- The Company intends to appoint Charles Burdick, who has a
significant track record as an executive in media and
telecommunications, as its Independent Non-Executive Director and
Chair of Audit Committee upon completion of customary due
diligence. A further announcement will be made in due course
o Notable previous roles for Mr. Burdick include: CFO and CEO of
Telewest plc, a FTSE 100 cable TV and media company; CEO of HIT
Entertainment plc, the AIM listed children's IPR company; and
Chairman and CEO of Comverse Technology, a NASDAQ-quoted technology
business
o The Company also intends to appoint another Independent
Non-Executive Director
-- Todd Carter, who led the development of SEEEN's technology
products, resigns as CEO and member of the SEEEN Board but will
continue in a different role to oversee customer success and
product strategy
Business Update with Respect to Ukraine
-- Technology Products: The Company anticipates additional
customer wins from its sales pipeline as it is not affected by the
Ukraine crisis.
-- MCN Business: Cessation of all YouTube advertising in Russia
has had an adverse impact on MCN revenue but little impact on MCN
profitability. During 2021, approximately 25% of the Group's
revenue was generated from views within Russia and neighbouring
countries. These revenues, however, had very low margins given
distribution agreements made prior to the Group's admission to AIM.
The Company continues to add channels in the U.S. and EU including
building a sustainability channel for American Leak Detection.
Dr. Patrick DeSouza, Chairman of SEEEN, stated: "Our team is
excited by recent customer wins and recognizes that the time is
ripe for executing and accelerating our Go to Market plan. The rise
of TikTok and recent release of YouTube shorts are increasing
market demand among brands and creators for our Video Moments
technology.
We appreciate the effort Todd has made in developing the core
product. Now with David's commercial experience and Akiko's
transactional experience, we can get the Company to the next level.
Further, we welcome Kevin Kohn's leadership in partnering with
SEEEN. He joins our Sumitomo investor and commercial partner as an
additional Board Observer. We look forward to working with both
Kinetiq and Sumitomo to commercialize our offerings."
Kevin Kohn, CEO of Kinetiq added: "Video in all its forms is
quickly becoming the preferred way in which marketers engage with
targeted audiences. Whether you are an individual influencer or
Fortune 500 company, getting your video seen is becoming more and
more difficult. SEEEN's technology introduces a unique combination
of AI, software and services to help content creators of all sizes
maximize the value and exposure of their video content.
I am excited to help shape the future strategy of SEEEN
especially as Kinetiq is itself leading the way in defining the
next generation of video and audience measurement through solutions
that help major brands and broadcast networks evaluate what their
returns are from their respective video efforts."
Market abuse regulation
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/201 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018
("MAR").
SEEEN, seeen.com Tel: +44 (0)7775
701 838
Patrick DeSouza, Chairman
David Anton, Co-CEO
Akiko Mikumo, Co-CEO
Adrian Hargrave, CFO
Panmure Gordon Tel: +44 (0)20 7886
(Financial Adviser, Nominated Adviser & 2500
Joint Broker)
Alina Vaskina / Harriette Johnson (Corporate
Advisory)
Rupert Dearden (Corporate Broking)
Dowgate Capital (Joint Broker) Tel: +44 (0)20 3903
7721
Stephen Norcross
Information about SEEEN
SEEEN is a video optimisation platform offering proprietary
technology products and services to help creators, brands and
publishers drive value from their video assets. SEEEN consists of
two synergistic divisions: a business selling proprietary AI-based
technology products and services and a YouTube Multi Channel
Network ("MCN").
The technology division focuses on selling the Group's
proprietary AI products that make video actionable through the
automated creation of Key Video Moments:
-- CreatorSuite - an AI-based tool for creating and publishing
Key Video Moments to any online channel, including websites and
social media. It optimises videos for Google search to drive larger
audiences and increases conversion of viewers into paying customers
and subscribers through contextual End Cards
-- JetStream - a backbone set of technologies and the Group's
key differentiator against other video AI technology businesses.
JetStream is used within the Group's other technology products and
can be licenced by customers separately either as a whole system or
in components
-- Dialog-To-Clip - an Adobe approved plug-in for Premiere Pro
users that streamlines the editing process via an interactive,
speaker diarized video transcript
These proprietary AI products provide the following direct
customer benefits:
-- Automated identification or Key Video Moments for sharing to
the widest audience possible through social media and Google Search
with up to 3 times the number of video views and bounce rates of
below 20%
-- 30% of all Key Video Moments are watched in full, triggering
the viewer to see contextual End Cards to take follow-on actions,
such as e-commerce
-- Clickthrough rates on End Cards of up to 25% supporting both
binge consumptions and direct e-commerce
-- Proprietary AI models for automated identification of logos,
people, speech and objects within videos to measure direct ROI from
video creation and marketing spend
-- Increased ability to drive contextual advertising as the
internet moves away from cookie-generated advertising
The MCN division manages 10,000 YouTube creator channels with
more than 11 billion annual video views. These generate revenue
from YouTube advertising. These YouTube creators have sought to
diversify their income streams and the products from the Group's
technology division are being integrated with MCN creator channels
to drive increased yield per view.
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