TIDMSEEN
RNS Number : 5367A
SEEEN PLC
03 February 2022
SEEEN plc
("SEEEN", the "Group" or the "Company")
Trading Update and Outlook
SEEEN plc (AIM: SEEEN), the media 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 its trading update for the year
ended 31 December 2021 ("2021") and 2022 outlook.
In 2021, the Company focused on the completion and commercial
launch of its proprietary video technology products, together with
improving the commercial performance of its MCN. SEEEN is pleased
to have achieved these goals, including the increasing integration
of its technology with its MCN channels.
Trading Update
The Group's revenue was $8.5 million in 2021 (2020: $10.1
million), reflecting changes made to improve the quality and
profitability of the MCN customer base and sales contribution from
SEEEN's video technology products and services.
Adjusted EBITDA loss* reduced to $1.5 million (2020: loss of
$2.1 million), reflecting improved MCN profitability; and the
transition from R&D to technology sales. The cash balance as at
31 December 2021 was $2.1 million, enabling the Company to continue
to execute its commercialisation strategy and move to
profitability.
SEEEN proprietary technology division:
-- Revenues of $0.1m in 2021
-- Nine contract wins (as at 31 January 2022) for use of
technology-based products with an ongoing pipeline of customer
opportunities
-- Fixed fee plus revenue share contracts substantially enhance
the Group's revenue and profitability generation potential as
contracts are implemented in 2022
MCN platform and services division:
-- Revenues of $8.4m in 2021 (2020: $10.1m)
-- Improved client base quality
-- Introduction of SEEEN technology-based products to MCN channel partners
-- Higher advertising RPM** up 29% to $1.24 (2020: $0.97)
-- MCN views of 11.7 billion (2020: 18.7 billion) as a result of
focusing on higher margin creators
2022 Outlook
In January 2022, the Company secured two further contract wins
for CreatorSuite and JetStream, its proprietary video products,
taking the total to nine active customers. The Company expects
these contract wins will drive revenues in 2022 and, in addition,
expects to see the full year benefits of 2H 2021 improvements in
profitability across the Group's MCN and technology divisions.
During 2022, the Group intends to scale its marketing and sales
efforts to secure more customers in its core vertical markets of:
current events publishers (news, political, financial and sport);
retailers; and home services providers. In each of these verticals,
brands seek to serve "moments of inspiration" - Key Video Moments -
to consumers to drive engagement and encourage video e-commerce. In
addition, SEEEN anticipates greater utilisation of its
technology-based solutions within the MCN client base which will
further enhance its commercial performance by driving profitability
and attracting new channel partners.
SEEEN's proprietary technology can unlock value for brand
customers served by content and audience analysis companies that
need to react to the rapid changes from cable to streaming and
short form social media content. SEEEN's 2022 plan includes
building strategic partnerships through joint ventures and M&A
that accelerate its organic sales plan to create a "one-stop shop"
for video publishing and analytics.
Patrick DeSouza, Chairman of the Company, stated: "We are
encouraged by the Group's customer traction and sales pipeline. We
also appreciate the receptivity by strategic partners to our AI
offerings. The media and technology landscape is rapidly being
transformed with the rise of short form video content platforms,
such as Tik Tok and YouTube shorts. We are emerging at the right
time. Our product offerings like CreatorSuite enable brands and
creators to better exploit these and other social media platforms.
We look forward to growing through a combination of licensing,
revenue sharing and strategic partnerships."
Notes
* EBITDA adjusted for share-based payments and one-time
costs
** Revenue Per Thousand Views
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
T odd Carter, 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 media 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 R approved plug-in for Premiere Pro
R 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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END
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February 03, 2022 01:59 ET (06:59 GMT)
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