TIDMSEEN

RNS Number : 3009U

SEEEN PLC

02 December 2021

SEEEN plc

("SEEEN" or the "Company")

Customer Wins and 3Q Trading Update

SEEEN plc (AIM: SEEEN), the global media and technology platform offering proprietary AI products that harvest Key Video Moments efficiently for brands, creators and publishers is pleased to announce recent customer wins for its technology products and a trading update for the 9 months to 30 September 2021 ("Q3").

Key Video Moments enable SEEEN's customers to achieve higher revenue yield from digital marketing spend and to gain e-commerce opportunities as audiences focus on the relevant "moment" to make purchase decisions. Today's wins build upon the Group's 3Q trading results and provide momentum for finishing 2021 in strong fashion.

The Group's multichannel video network business unit ("MCN") also continues to drive revenue as a standalone business. Moreover, it has proved to be a valuable test-bed for the Group's technology products. As identified below, the Group's MCN is showing greater revenue yield from its audience views due to stronger engagement.

B2B Wins

Major Publisher The Company is pleased to announce that it has recently signed a commercial agreement with a major global publisher. The publisher attracts consumer audiences interested in current events. The publisher will use SEEEN's video technology and expertise to optimise its video collection to increase viewership and generate improved YouTube ad revenue from more relevant Key Video Moments and higher audience engagement. SEEEN's AI technology will automate the production of relevant moments from the publisher's library. Using the Group's Jetstream offering, the publisher will also be able to remix Key Video Moments to create new videos and video streams leading to enhanced engagement and advertising revenues, including for YouTube shorts.

This win builds on SEEEN's strategy to sell to publishers. As recently announced, the Group gained a financial markets publisher as a customer, which seeks to feed its audience more relevant Key Video Moments regarding select stocks or analyst comments to drive increased subscriptions to its offering.

The Company continues its discussions with several other publishers, including legacy print and web publishers, as well as live streaming providers.

Major Sports Channels for MCN SEEEN has also recently signed its first professional sports club to add content and viewers to its MCN which is already known for sports and automotive content. The Group will be able to use its technology, especially CreatorSuite, to momentize the team's videos and drive audience engagement. Similar to its pilot at the Rugby World Cup, the Group's technology can be used to drive e-commerce and merchandising opportunities.

Q3 Highlights

Financial

   --    Group revenues of $7.0m, up 8% (Q3 2020: $6.5m) 

o MCN revenues of $6.9m, up 7% (Q3 2020: $6.5m)

o First technology revenues of $0.1m related to CreatorSuite

-- MCN revenue growth reflects significantly increased RPM (revenue per thousand views), up 40% to $1.20 (Q3 2020: $0.87), despite viewing drop of 24% to 10.1bn (Q3 2020: 13.3bn), reflecting higher quality YouTube channel partners and more engaged viewers

   --    Adjusted profit before tax* continues to be in line with market expectations 

-- Strong balance sheet with $3.0 million of net cash, which enables the Company to continue executing its "Go to Market" strategy

* Adjusted for amortisation of intangible assets and share based payments.

Outlook for 2021-22

   --    Technology Product Business Unit 

o Implementations of CreatorSuite and JetStream for B2B customer wins during 2021 will drive increased revenues

   --    MCN Business Unit 

o Continuing FY21 MCN focus on profitability culling out low quality creator channels

o Focus on adding new higher quality YouTube channel partners both for YouTube optimisation and integration with SEEEN technology

   --    Accelerate growth strategy 

o Add further shareholder value through opportunistic, accretive acquisitions of digital content, analytics and advertising companies

Dr Patrick DeSouza, Chairman, commented: "We are delighted to gain additional traction with B2B sales for our AI offerings. Recent wins with large publishers and a professional sports team enable us to add referenceable customers in order to accelerate further wins from our sales pipeline. We appreciate the support of our shareholders as we execute our "Go to Market" strategy. We look to growing our video technology platform organically through deploying our AI product offerings through our MCN and to publishers and brands. We also look to be opportunistic to add shareholder value through accretive acquisitions since global consumer demand for the consumption of Key Video Moments is showing a significant increase."

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 
 Patrick DeSouza, Chairman                      Tel: +1 203 654 5426 
 Todd Carter, CEO 
 Adrian Hargrave, CFO                           Tel: +44 (0)7775 
                                                 701 838 
 
 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 
 

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