TIDMSEEN
RNS Number : 6502J
SEEEN PLC
23 December 2020
SEEEN plc
4Q Technology Commercialization and Trading Update
Executive Vice-Chairman Appointed
SEEEN plc (SEEN: AIM), the global media and technology video
experience platform ("VXP") that enables creators, brands and
publishers to unleash video for improved digital marketing yield
and connected audience experiences, including frictionless
e-commerce, is pleased to provide a 4Q update as the Group
completes its first full year of operations.
Summary Update . The Group is building on its 3Q trading update.
The Group's technology platform has been deployed with different
commercial launch partners described below. The Group's
multichannel network ("MCN") business continues to recover from 1H
Covid-related market effects. The Group's results will be in-line
with expectations for both revenue and profits before taxes for
2020. Audience views and RPM yield are both continuing to improve.
The Group's technology is also being applied to its MCN ecosystem
of creators, brands and publishers.
Appointment . The Group also announces the promotion of Senior
Independent Director, Akiko Mikumo, to Executive Vice Chairman as
the Group plans to accelerate its corporate development. The Board
seeks to underscore the importance of rapid execution of its
Go-to-Market strategy given the dynamism of the market for
video-first approaches to digital transformation. Ms. Mikumo will
focus on aligning strategic direction with rapid execution and, in
so doing, explore strategic opportunities for scale.
For its 4Q product launch, the Group targeted three distinct
customer segments as discussed further below. In each segment we
describe two customers. Each set of customers has access to the
same proprietary technology platform and will pay for utilization
of the different modules of the Group's automated self-serve SaaS
offering: CreatorSuite(TM) , JetStream(TM) and Video Experience
Microsites(TM) .
(i) preferred customer relationships with its strategic partners
Sumitomo and Water Intelligence, which will lead to reselling of
the Group's technology t o their respective customers;
(ii) revenue share and performance-based opportunities with MCN
affiliated creators, brands and publishers that also have the
collateral benefit of increasing advertising revenue and royalties
at the Group's MCN subsidiary; and
(iii) a managed services offering with third-party brands that
is expected to become monthly recurring revenue (MRR) after the
Group launches its SaaS platform in early 1Q.
Preferred Customer Applications; R eseller Opportunities
SEEEN is pleased to announce that it has signed a Memorandum of
Understanding ("MOU") to integrate and localize SEEEN's technology
with the product and service solutions of IMAGICA Lab, SC Digital
Media, K.K. and Sumitomo Corporation. IMAGICA Lab, Japan's largest
post-production company, specializes in producing feature films,
television shows, commercials and promotional videos, amongst other
production services. SC Digital Media, K.K. operates and invests in
digital media on behalf of SEEEN's strategic investor Sumitomo
Corporation.
SEEEN is also pleased to announce a MOU with Water Intelligence
plc, another of its strategic investors. SEEEN's video moments
technology will be incorporated into a new Water Intelligence plc
website to be launched in January to accelerate its brand
definition for ESG investors. Moreover, Water Intelligence 's
American Leak Detection ("ALD") subsidiary will be part of SEEEN's
software as a service ("SaaS") platform. ALD video moments will be
integrated with its back-end Salesforce CRM platform to enable
enhanced consumer purchases of water-related products and services
across its 200,000+ annual household customer base in the United
States.
MCN Base of Brands and Video Creators
SEEEN has also begun to offer its VXP products to MCN affiliated
creators, brands and publishers on a pre-release basis. SEEEN's VXP
is now deployed with The Pikes Peak International Hill Climb
(PPIHC), also known as The Race to the Clouds, the annual
automobile and motorcycle hill climb to the summit of Pikes Peak in
Colorado, USA. PPIHC can customize and control its content from a
single content hub and both attract more viewers to its sponsored
and branded offerings and provide more targeted offerings based on
the video moment being watched.
PPIHC builds on the Group's successful deployment at GTChannel.
Since implementing SEEEN's VXP, GTChannel has grown its views by
more than 50 per cent. and increased engagement significantly, with
bounce rates consistently below 10% - outcomes sought by brands and
creators everywhere that lead to increases in advertising
revenue.
Third-Party Brand Customers
SEEEN has entered into a SaaS agreement with What's My Car
Worth, The Collector Car Enthusiast Community to power its VXP
offering commencing January 2021. Under the terms of this SaaS
agreement, SEEEN will be paid a direct revenue share of all
advertising and lead generation opportunities generated.
Finally, SEEEN is pleased to announce that its VXP product
offering is now powering a video experience for Evasive Motorsport,
based on an executed SaaS subscription agreement. The SaaS
agreement includes fees for processing videos, creating "video
moments", driving traffic and operating the connected Evasive
Motorsports video microsite.
The Company has a pipeline of third-party brand customers at
advanced stages of negotiation ahead of a wider marketing campaign
in 1Q.
Chairman Patrick DeSouza commented, "We are finishing the year
in a good position for 2021. We have put EIS/VCT money to work and
created a robust, proprietary technology platform - an achievement
in product development that CEO Todd Carter and his team can be
proud of given the challenges of a Covid workplace. We have now
added commercial launch partners who will be paying for value
gained from different modules that we are offering. And we have
cash resources on hand to execute our Go-to-Market plan.
Our final piece of the puzzle is the acceleration of corporate
development in a focused way through strategic deals that leverage
our technology platform. Akiko Mikumo's level of experience in
terms of global transactions from strategic partnerships with major
companies to acquiring companies as part of a build and buy
strategy will provide all our shareholders with an exciting roadmap
as we take advantage of a fast-moving market for video-first AI
technology."
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014
SEEEN plc - seeen.com
Patrick DeSouza, Chairman +1 203 654 5426
Todd Carter, CEO
Adrian Hargrave, CFO +44 (0)7775 701 838
Dowgate Capital Limited (Joint Broker) +44 (0)7920 599 793
Stephen Norcross
WH Ireland (Nominated Adviser and Joint
Broker) +44 (0)20 7220 1666
Adrian Hadden / James Sinclair-Ford
/ Matthew Chan
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END
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